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Market Review
STI opens on weak node on Monday morning after Standard & Poor's downgraded the United States top-tier credit rating.
STI opens with more than 60 points @ 2933.81 and it trades down wards most of the day and breached all the support levels and took support @ day's low of 2847 levels, and from the lower level it recovers some points and finally closed @ 2884 with loss of 110.78 points down by 3.70%.
Market Forcast
Today STI breached all the major supports and fell below the range of 2900 and made a low of 2847 level and currently traded @ 2884 levels.
STI fell badly in past five days, and today's fall was the most panic fall in the 5 days , as STI breached its past support and previous lower level of 2919, and sustain below this level, now from this level we can say STI is in the down trend.
Technically now STI looks weak on charts and today it formed a long black candlestick and also previously also it formed the same pattern of candle , from this its conforms that from this level now we expect STI below 2800 mark.
Support
STI having nearest support @ 2850 and below this level it can take support @ 2810-2770 levels is the major support.
Resistance
STI having Resistance @ 2920-2950-2980 will be the major Resistance for market.
Technical indicator MACD, RSI and stochastic trading in a negative zone and look bearish.
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