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Singapore Market Support Tomorrow - 2720, 2690, 2670
Singapore Market Resistance Tomorrow - 2750, 2765, 2785
STI Review
Singapore market started little changed on Wednesday with the key Straits Times Index up 2.07 points or 0.08 % to 2,721.90.investors is cautious in the near term due to the debt woes in the euro zone.
STI opens in positive zone and then in the mid day STI stocks up ward traded because of gain in rig builders and STI made a high of 2747.13 very near to its major resistance of 2750 and finally closed with gain of 27.30 points up by 1 % @ day's high of 2747.13.
Volume traded was 1,123.1 million, valued at S$1,314.9 million. Gainers outweighed losers 253 to 123.
STI for Tomorrow
Today STI open in the positive zone and it maintain itself to close above 2700 mark as we told in our previous report, which is positive sign for market.
STI crossed and maintain its 50 day MA level of 2721.82 and closed near to major Resistance level of 2750 @ 2747.13 closed @ day High.
STI formed a candlestick pattern called The White Closing Marubozu this is a single candlestick pattern characterized by a long white body with no upper shadow. This is an extremely strong bullish candlestick pattern. The day opens, the prices then slightly go lower creating the lower shadow but then prices continue to go up all day thus forming a long white day. And closes at the high of the day and hence with no upper shadow.
STI opens up and trades also up side and closed near to its 50 day MA level , today also it closed @ day high and near to Resistance of 2750 and we expects that it can crossed this level and if it will do this then STI could be bullish for more 50-100 points. On the other side 2720 mark is the major support level for STI.
STI Support
STI having nearest support @ 2720 and below this level it can take support @ 2690-2670 level is the major support level.
STI Resistance
STI having nearest support @ 2720 and below this level it can take support @ 2690-2670 level is the major support level.
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