8:43 PM
Admin
Market Reviews:
After
last week euphoria STI sheds some point’s it’s a second
straight session as investors stayed on the side lines on uncertainty
over the results of US budget talks.
STI
opens with huge gap down @ 3219.80 and then Index
hit lower level @ 3203.08 and took support at this level and recovers
some points and made day high @ 3220.73 and then closed @ 3214.25
with loss of 23.28 down by 0.72%.
Some
5.54 billion shares, valued at S$2.14 billion were traded. Gainers
numbered 377 while losers numbered 144.
According
to the MAS, CPI-All Items inflation edged up to 2.0% in August from
1.9% in July, on account of stronger increases in the costs of
accommodation, services and food which was partly offset by the
smaller gain in private road transport cost.
Market
forecast:
After
making high @ 3260 level today STI sheds all the previous week gain
and about to cross its 3200 mark, made low @ 3202 level.
STI
traded lower from last 2 days, STI formed pattern called Runaway Gap
in last week and today index covers this gap .now for further
movement in Index we can say if STI took support at today’s lower
level i.e. 3220-3200 mark then it will recover again. On the other
side if STI crossed this lower mark then we can see further lower
movement in the STI.
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 @ 3190 level and below this level it can take
support @3160-3130 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3235 and above this level it may take
resistance @ 3265-3285.
Technical
indicators:
Technical
indicators MACD, RSI and CCI all are looking in recovering mode.
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