STI Weekly Trend for 11 July to 15 July

WEEKLY WRAP OF STI

After a last week move it was a very dull or little movement seen in STI Index it faced Resistance near to 3170 and took support @ its 50
day MA level.

STI opens this week @ 3139.01 and then it made a high of 3164.65 very near to its major Resistance level of 3170 and reverses back from resistance level and made a low of 3114. 71 and took support @ its 50day MA level on daily chart and finally closed @ 3151.28 with gain of 12.27 points up by 0.39% wow basis.

STI face support @ its down slopping trend line on daily chart and cant able to sustain this level and loose the trend but took support at its 50 day MA level and finally closed on positive node.

MARKET FORECAST FOR WEEK AHEAD
STI seems to be bullish on chart, on the weekly chart it closed well above its 50 weeks MA level of 3118.24 @ 3151.28

STI now again in the same position where it face resistance and consolidates from past many weeks, as it is trading above its 61.8% retracement level, it can't able to maintain higher levels and consolidate in the range of 2900-3200.

If in the next week STI able to maintain itself above 3170 level and we can expect some 50-80 points upward move in the market. On the other side of coin if it will breached its 50 week MA level of 3118-3112 so it will trades below 3100 mark in coming week.

STI RESISTANCE
STI having major resistance @ 3170 level above this level 3195-3210 will be the major Resistance for market.

STI SUPPORT
STI having strong support @ its 3112 and below this level 3098-3050 will be the major support zone for coming week.

TECHNICAL INDICATORS
Technical Indicators look bullish as MACD about to give its bullish crossover and stochastic also looking positive as it is trading positive biased,RSI is trading @ its centreline of 50 @ 52.93 so the indicators looks bullish.