9:11 PM
Admin
Market Reviews:
Singapore's
share market edged higher on stronger-than-expected second quarter
GDP growth and an economic outlook upgrade.
Today
STI opens with little gap @ 3227.65 and traded higher side and made
day high @ 3244.40 and then fell down from day high and took support
above opening level @ 3229. 50. Finally closed @ 3232.24 with gain of
2.33 points up by 0.07%.
Volume was
103.2 million shares worth S$121.7 million. Gainers outnumbered
losers 98 to 64.
Market
forecast:
STI
trading below its up slopping supports line; today STI traded above
3220 level and made day high near the resistance of 3250.
STI
traded above the 50 day EMA level of 3231 today and closed just at
this level, so we can expect some recovery in STI from this level.
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 breached its up sloping support
line @ 3230 mark then next support will come @ 3180 level and after
that we can see bearish move in market.
Support:
STI having
immediate support @ 3205 level and below this level it can take
support @3180-3160 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3250 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 @ -20.04
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