8:41 PM
Admin
SUPPORT 1
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SUPPORT 2
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SUPPORT 3
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RESISTANCE 1
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RESISTANCE 2
|
RESISTANCE 3
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3090
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3060
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3040
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3115
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3145
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3170
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Singapore Purchasing Managers’ Index (PMI), the November reading indicated that the manufacturing economy contracted for the 5th time after having previously recorded 2 months of continuous expansion. The PMI posted a reading of 48.8, which was a marginal increase of 0.5 point over the previous month. The contraction in the overall PMI was attributed to further decline in new orders, new export orders as well as
production output.
Market Outlook for the Week Ahead
STI maintain itself above its 61.8% retracement level of 3013.15 (3313.61, 2921.95), and closed well above this level, just fails to made high by some points.
STI faced resistance @ same level of 3110 as previously, it made a high of 3110.86. Above this level we can see tremendous upward move in the market.
For the coming week STI look volatile, because it is trading near the resistance level of 3140 and face some pressure to breach this level if crossed the resistance then we can see the continue uptrend.
STI Support Level
STI having nearest support @ 3090 below this 3060-3040 will be the support area for market.
STI Resistance Level
STI having Resistance @ 3115 and above this level it may take resistance from 3145-3170 levels.
Technical Indicators
Technical indicators give the impression of being in recovery mode.MACD is about to give bullish cross over and RSI move above its center line area.
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