9:48 PM
Admin
Market Reviews:
STI Index surged as much as 2.1% today to the highest in nearly 7 weeks after the US Federal Reserve decided to continue with its monetary stimulus programme.
STI opens with huge gap up @ 3255.68 and then Index hit an intra-day high of 3,260.14 points, the highest since Aug 2, finally closed @ 3251.78 with gain of 57.93 points up by 1.81%.
Some 5.54 billion shares, valued at S$2.14 billion were traded. Gainers numbered 377 while losers numbered 144.
Market forecast:
STI made its 7 weeks high @ 3260.14 and traded with gap up, STI closed above its 3250 mark.
Today STI made a Gap pattern called “Runaway Gap” A type of gap on a price chart that occurs during strong bull or bear movements characterized by an abrupt change in price and appearing over a range of prices. They are best described as gaps caused by a sudden increase/decrease in interest for a stock. Most analysts view these gaps as temporary, expecting prices to converge upon the range in which the gap occurred in order to fill the missing segments.
STI having a potential to go up side but the players are cautious about the recent recovery and they are playing safe game with little movement.
Support:
STI having immediate support @ 3230 level and below this level it can take support @3210-3180 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3280 and above this level it may take resistance @ 3300-3320.
Technical indicators:
Technical indicators MACD, RSI and CCI all are looking in recovering mode.
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