8:44 PM
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Market Review:
Singapore market opens higher with good gap and closed high on its 1 week high above the 3200 mark.
Singapore share prices opened higher up 18.85 points to 3,213.95, after opening higher it came down and took support @ its day low level @ 3210.76 and then it trades higher and made 1 week high @ 3226.66 and finally closed @ 3221.32 levels with gain of 10.10 points up by 0.32%.Some 5.39 billion shares, valued at S$2.32 billion were traded. Gainers outnumbered losers 274 to 200.
Singapore's industrial production likely contracted 4.2 % in December from a year ago, according to the median estimate of economists polled by Reuters, indicating the city-state's fourth quarter and full-year 2012 GDP will be revised downwards.
Market forecast:
STI opens higher and traded above the 3200 mark whole day, maintain itself above 3210 levels and closed 3120 mark.
It’s a second trading day where STI closed up with gain and also try to breach its Resistance of 3230 mark and expected to break in coming days.
as in the last week STI traded below the bullish channel and look to be more bearish below 3150 , but it took support near 3150 @ 3160 mark. Now it’s looking like to break Resistance level of 3240 soon.
Support:
STI having immediate support @ 3195 level and below this level it can take support @3165-3140 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3240 and above this level it may take resistance @ 3260-3280 levels.
Technical indicators:
Technical indicators are seems to overbought zone on charts.
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