*Free SGX Stock Picks* Special Offer!

Wednesday, August 14, 2013

STI Singapore Market Views: 15-Aug 2013

Market Reviews:
Singapore's stock markets were broadly higher on Wednesday, with Asian markets.
Today STI opens higher @ 3249.46 and then it made day low @ 3231.56 and then took support at that level and recovers, made day high @ 3251.64 and finally closed @ 3248.66 with gain of 4.54 points up by 0.14%.

Some 2.34 billion shares, valued at S$1.31 billion were traded. Gainers numbered 271 while losers numbered 204.

Market forecast:
STI opens above its 50 day MA level and traded above this level, which is a good sign for STI. However STI trading below its up slopping trend line.

STI formed a candlestick pattern called The Hammer candlestick formation is a significant bullish reversal candlestick pattern that mainly occurs at the bottom of downtrends. He Hammer formation is created when the open, high, and close are roughly the same price. Also, there is a long lower shadow, twice the length as the body. When the high and the close are the same, a bullish Hammer candlestick is formed and it is considered a stronger formation because the bulls were able to reject the bears completely plus the bulls were able to push price even more past the opening price.

As we can see on daily chart STI formed a pattern which replicate like rising wedge and as per the pattern if STI maintain above its up sloping resistance line i.e. 3270 mark then we can see more upside move in the Index, and for other side if STI next support will come @ 3180 level and after that we can see bearish move in market.

Support:
STI having immediate support @ 3210 level and below this level it can take support @3180-3160 will be the support zone for STI.

Resistance:
STI having immediate Resistance @3265 and above this level it may take resistance @ 3280-3305 levels.

Technical indicators:
Technical indicators MACD turn to bearish , its 14-day RSI is in turning mode and closed @ 50 and CCI recovers again and trading @ -42.75



 
Design by Free WordPress Themes | Bloggerized by Lasantha - Premium Blogger Themes | Grants For Single Moms