7:51 PM
Admin
Market Reviews:
After
last week closed above 3200 mark STI today opens lower below 3200
mark.
STI
opens with gap down @ 3195.84 below 3200 mark and then it gained few
points and made high of 3201.69 but can’t able to sustain that
level and made day low at 3167.87 and closed at days low with loss of
42.31 down by 1.32%.
Some 4.63 billion shares, valued
at S$1.80 billion were traded. Gainers numbered 103 while losers
numbered 401.
Market forecast:
After
breaching 3200 mark, today STI crossed its 3180 level and closed
lowest level and near to next support zone of 3160 mark.
STI formed a
bearish candlestick pattern called “Closing Marubozu”. It is a
continuation pattern and formed on bearish day. Opens lower from the
previous day and then recovers some points and starts trading on
lower side, with this move it formed an upper shadow of candle which
is small and then closed for the day on lower level .in this candle
lower shadow is missing.
STI closed
below its 38.2% retracement level and if it will sustains below this
level then we can see STI @ 3100 mark soon.
Support:
STI having
immediate support @ 3150 level and below this level it can take
support @3130-3100 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3185 and above this level it may take
resistance @ 3205-3235
Technical
indicators:
Technical
indicators MACD, RSI and CCI all are seem to losing its trend.
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