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Market Reviews
Singapore's main index battered today as the government introduce some new measures to cooling off the real-estate market.
Singapore shares open deep down @ 3193.88 mark and then made a day low @ 3185.12 and took support at this level as it is a strong support zone for STI and recovers and made day high @ 3206.59 and finally closed @ day high with loss of 9.91 points down by 0.31%.Some 3.56 billion shares, valued at S$2 billion were traded. Losers outnumbered gainers 270 to 221.
Singapore marine fuel sales rose to a five-month high of 3.63 million tonnes in December, 10.7 percent higher than the previous month, official data showed on Monday.
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| STI Intraday Technical Levels |
Market forecast
Today STI breached its support level of 3200 and took support at its next level for 3185. But closed above the 3200 mark.
as we mention in our previous report that STI trading in a channel called bullish channel. For the coming days this channel will act the major trading zone for STI and STI now crossed this channel and traded below this level which will be the cause of more bearishness in the market. If STI will able to move above the upper level of channel than it will move further upside.
STI is in bullish phrase as it is trading above the resistance levels and if it will maintain above the 3150 mark it can move further upside.
Support:
STI having immediate support @ 3180 level and below this level it can take support @3150-3130 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3230 and above this level it may take resistance @ 3260-3280 levels.
Technical indicators:
Technical indicators are seem to overbought zone on charts.
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