STI Market Forecast for Tomorrow 31- Oct

STI open and traded below its up slopping resistance line which was support line previously and closed well inside the previous day candlestick.

STI formed a candlestick pattern called Bullish Harami, it is characterized by a small white real body contained within a prior relatively long black real body. The Bullish Harami Pattern is a sign of disparity about the market’s health. While the market is characterized by downtrend and bearish mood; there is heavy selling reflected by a long, black real body however it is followed by a small white body in the next day. This may signal a trend reversal since the second day’s small real body shows that the bearish power is diminishing.

STI is in consolidation phrase. Any either side movement above 3100 and below 3000 can decide the coming movement of the STI.

STI Support level

STI having nearest support @ 3020 level and below this level it can take support @ 2995-2975 will be the support zone for STI.

STI Resistance level
STI having Resistance @3050 and above this level it may take resistance @ 3065-3080 levels.

Technical Indicators
Technical indicators are look to loosing strength on charts.