STI Market Forecast - Supports and Resistance

It’s a second continuous fall in the week; STI fell for the 2day of the week but took support @ its 50 day MA level of 3010.89.

STI fails to cross its 3030 level 2nd day and made high just near to this level @ 3029.23 and returns to downwards. STI fall in the downward channel and as it faced resistance @ upper down slopping trend line so expected that it can took support @ the down slopping support line @ 2980 levels.

STI having a support below 50 day MA @ 3006.77 and if it will crossed this level than we can see some more correction in the Index, and for the either side it have to crossed its 3040 mark. Technical indicators are looking bearish on chart.

Support: STI having nearest support @ 3006 level and below this level it can take support @ 2995-2975 will be the support zone for STI.

Resistance: STI having Resistance @3040 and above this level it may take resistance @ 3060-3085 levels.