STI Singapore Market Forecast 01-March

Market forecast:

Market turns from its recent low of 3250.87, and closed with gain on 2^nd consecutive day but not able to sustain the higher levels.

Today STI formed a candlestick pattern called “Three inside Up”, another name for the Confirmed Bullish Harami Pattern. The third day is confirmation of the bullish trend reversal.

The first 2 days of this pattern is simply the Bullish Harami Pattern, and the third day confirms the reversal suggested by the Bullish Harami Pattern, since it is a white candlestick closing with a new high for the last three days. The reliability of this pattern is very high.

Now for coming days 3250 will act as a major support zone because if STI break this level then it will be more bearish and can touch 3220-3190 levels soon.

Support:

STI having immediate support @ 3260 level and below this level it can take support @3240-3220 will be the support zone for STI.

Resistance:

STI having immediate Resistance @3285 and above this level it may take resistance @ 3300-3315 levels.

Technical indicators:

Technical indicators MACD, RSI and CCI all are in bearish mode. As we can see in the chart, RSI trading above its centreline @ 51.878 and CCI recovers some points from -119.93 today closed @ -70.947