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STI Review
Stocks rose on Tuesday after Wall Street was boosted overnight by Federal Reserve Chairman Ben Bernanke's signal for supportive monetary policy.
Straits Times Index added 27.21 points or 0.91% to 3,001.71. STI opens higher and then it slips down and took support @ 2992.44 levels and again started its rally and made a day high of 3018.91 and closed @ same level with gain of 44.41 points up by 1.49%.
Singapore shares marched higher by midday as Asian markets strengthened following upbeat comments from Federal Reserve Chairman Ben Bernanke on monetary policy and closed Volume was 1.81 billion shares worth $1.41 billion. Gainers led losers 293 to 102.
STI for Tomorrow
It was a great rally of STI today in the 2nd half of the trading day and STI crossed and closed above the 3k mark @ 3018.91 levels.
STI formed a big white candle which totally engulf the previous days black candle and even covers last 5 days looses in the single day which is good sign and as it closed above 3011 levels also a additional score in STI
recovery graph.
STI faced strong Resistance @ its technical pattern’s higher level and slips from 3035 levels and now it can’t able to sustains its 3000 mark, if it will sustain this level than only it can move higher levels.
We think that investors have to adopt cautious approach towards any trade as the market is volatile and uncertain so to keep strict stop loss for any position.
STI Review
STI having nearest support @ 3000 and below this level it can take support @ 2970-2945 level is the major support
zone.
STI for Tomorrow
STI having Resistance @ 3025 and above this level it may take resistance @ 3045-3065 levels.
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