STI Weekly Outlook for the Week 17-21 Dec

STI facing resistance @ 50 day MA levels @3045.93 and crossed its 2 month lower level and made a low below 3000 mark.

STI continuously crossing its resistance level and closed above those levels, now next Resistance comes @ 3180 mark and above the 3220 and above.

For the coming week STI look volatile, because it is trading near the resistance level of 3180 and face some pressure to breach this level if crossed the resistance then we can see the continue uptrend.

This Week STI formed a candlestick pattern called a big white candle; this is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are "low," it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area, the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.

STI Support Level

STI having Resistance @ 3185 and above this level it may take resistance from 3220-3255 levels.

STI Resistance Level

STI having nearest support @ 3140 below this 3110-3065 will be the support area for market.

Technical Indicators

Technical indicators give the impression of being in recovery mode.MACD gives bullish cross over and RSI move above its centreline area.