Singapore SGX Market Forecast For July 24, '12!

Straits Time Levels:-

Support 1- 2965
Support 2- 2945
Support 3- 2925
Resistance 1- 3000
Resistance 2- 3015
Resistance 3- 3040

Market Review of Monday:-

• Singapore stock market opens lower @ 2999.63, below 3k mark and also closed lower, concern about European debt crisis.
• Singapore share opens with gap down with loss of almost 16 points below 3000 mark and all day traded in down trend and made a low of 2973.93, and finally closed @ 2982.49 with loss of 33.04 points down by 1.10%.In the broader market, 1.44 billion shares changed hands. Losers outnumbered gainers 316 to 85.
• Inflation in Singapore continues to climb with housing and transport costs topping the increase. Singapore Inflation rose to 5.3 % year-on-year in June, market expectations of a 5.1 % increase.

Market Forecast for Tuesday:-

• From the past two trading session STI continuous fall , just before that STI touched its yearly high of 3039 levels and after that it fell down and loss more than 60 points.
• Today STI breached its all strong support levels of 3000-2985 and traded below this also closed below this strong levels.
• STI having a major resistance area above the 3040, as previously STI faced resistance this same levels and cant able to crossed this and this time if it crossed and maintain and crossed than we can see more upward rally in the markets.

SUPPORT:-

• STI having nearest support @ 2965 level and below this level it can take support @ 2945-2925 will be the support zone for STI.

RESISTANCE:-

• STI having Resistance @3000 and above this level it may take resistance @ 3015-3040 levels.

TECHNICAL INDICATOR:-

• Technical indicators are looking bearish on chart.

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