STI Market Forecast For The Week 01-05 Oct

Market Forecast for Week Ahead

Before last week STI again faced resistance @ its multiple resistance level of 3088 and this week starts below the resistance zone and breached the support area.

STI breached its support level of 3040 mark below its 50 day MA level but manage it to close well above the support zone.

On the weekly chart STI trading @ its down slopping resistance line and but closed below this line and also as STI trading above its 61.8% retracement level for this reason we can see some consolidation to upward move in the markets.

For the coming week STI look volatile to southern biased as it breached lower levels and closed below the Resistance zone , so if it will sustain below 3040 mark than it will be more bearish. Technical indicators looking bearish.

Support Levels

STI having Resistance @ 3090 and above this level it may take resistance from 3115-3130 levels.

Resistance Levels

STI having nearest support @ 3040 below this 3020-3000 will be the support area for market.