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Market Review
Singapore shares opened higher and maintain itself above the 3300 mark.
Singapore share prices opened higher @ 3309.36 and then made a high of 3311.67 and then traded in lower levels and made day low @ 3298.09.Finally closed with some recovery @ 3308.89 with gain of 13.12 points up by 0.40%.
Some 6.91 billion shares, valued at S$1.86 billion were traded. Gainers outnumbered losers 334 to 179.
Market forecast:
Today STI crossed its last week high of 3304.87 and made new high @ 3311.67, but finally closed below the high @ 3308.89.
STI today formed a candlestick pattern called “Long Legged Doji”. Long Legged Doji shows that there is a great amount of indecision in the market. This pattern is formed when prices trade well above and below the day's opening price, but then close almost at the same level as the opening price.
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.
STRAITS
TIME LEVELS
|
|
| Support 1 |
3280
|
| Support 2 |
3260
|
| Support 3 |
3240
|
| Resistance 1 |
3315
|
| Resistance 2 |
3325
|
| Resistance 3 |
3350
|
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 @3315 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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