8:42 PM
Admin
Market forecast:
Today STI crossed its last week high of 3304.87 and made new
high @ 3306.61, but finally closed below the 3300 mark.
At
the highest level it’s obvious for any scrip or index to retrace or take some
consolidation move. However STI retrace some points from its recent high, but
overall it’s looking bullish on chart. As STI trading between the 61.8% to 78.6%
retracement level. So technically it’s good if STI will retrace some points
because for further move its will help.
STI
trading in a bullish channel and took support at its lower trend line. It’s a
positive sign whenever STI closed and maintain itself above this lower channel.
Support:
STI
having immediate support @ 3280 level and below this level it can take support
@3260-3240 will be the support zone for STI.
Resistance:
STI
having immediate Resistance @3310 and above this level it may take resistance @
3325-3350 levels.
Technical indicators:
Technical
indicators are seems to overbought zone on charts.
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