8:27 PM
Admin
Weekly wrap of STI:
STI closed its 2 years high @ 3291.14; it’s a 3rd week in row where STI ended with gain.
STI opens above with gap @ 3272.33 and then it made a week low @ 3259.75 and maintain itself above 3250 levels, after taking support at that level STI traded at upward direction and crossed its 2 years high and made 3293.10 mark and finally closed near the high @ 3291.14 with gain of 21.83 points up by 0.66% wow basis.
STI itself maintain above the 3250 mark and able to breached its 2 year high on the closing basis. It is a bullish sign for coming days.
As STI trading above its 61.8% retracement level and heading towards the 78.6% mark, in between STI having immediate resistance levels after breaching these levels STI can move towards the next level.
As Chinese New Year is week away and traders are interested to book some profits so for coming week STI look volatile, because it is trading above the last 2 years higher level,so can face some pressure to maintain above this level and if hold itself above this than we can see the 3380 mark soon.
STI Resistance:
STI having Resistance @ 3315 and above this level it may take resistance from 3345-3385 levels.
STI Support:
STI having nearest support @ 3260 below this 3240-3220 will be the support area for market.
Technical Indicators:
Technical indicators give the impression of being in overbought zone.MACD gives bullish cross over and RSI move above higher limit @ 71.975.
| Sup 1 | Sup 2 | Sup 3 | Res 1 | Res 2 | Res 3 |
| 3260 | 3240 | 3220 | 3315 | 3345 | 3385++ |
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