8:32 PM
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STI Market Forecast - 04-Oct 2012
The STI saw a surprised rebound as Monday it formed a candlestick denotes bulls and today STI tone were mute as previous week.
STI opens higher today but again can’t able to sustain the higher level and fell down and took support @ 3065.96 marks and finally closed @ 3077.14 levels with forming a candlestick pattern called Bearish Harami where the current small black body is contained within an unusually large white body. During an uptrend which appears to be the case with STI this pattern implies an end to the rally as the bulls appear to have exhausted themselves.
For the coming days 3040 level is the decisive level for STI if it breached this level and sustain below this than we can see southern tone of market. Technical indicators are supposed to loose strength on charts.
Intraday Support Level
STI having nearest support @ 3040 level and below this level it can take support @ 3020-2995 will be the support zone for STI.
Intraday Resistance Level
STI having Resistance @3090 and above this level it may take resistance @ 3105-3120 levels.
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