7:57 PM
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Singapore Market Reviews:
Singapore index closed almost its 4.5 years high @ 3337.71.
Singapore shares open 3315.26 and then made day low @ 3309.39 and took support at that level and traded higher side and finally crossed previous day high of 3322 a made new high @ 3337.71 and finally closed this high level with gain of 15 points up by 0.45%.
Some 2.17 billion shares, valued at S$1.71 billion were traded. Gainers outnumbered losers 244 to 191.
Market forecast:
STI closed its more than a 4.5 years high @ 3337.71 level and closed well above its resistance of 3320-3335 which is good sign for coming days.
Yesterday STI formed a reversal candlestick pattern called “Bullish Tweezers Bottom “and its conformation depends on next day’s performance and today STI perform bullish. So now it’s confirm that STI can move more upwards now.
Today also STI gives breakout from its technical pattern called “Ascending Triangle”, it is a bullish chart pattern.
In an ascending triangle, one trend line is drawn horizontally at a level that has historically prevented the price from heading higher, while the second trend line connects a series of increasing troughs. An ascending triangle is generally considered to be a continuation pattern, meaning that it is usually found amid a period of consolidation within an uptrend. Once the breakout occurs, buyers will aggressively send the price of the asset higher, usually on high volume. The most common price target is generally set to be equal to the entry price plus the vertical height of the triangle.
Support:
STI having immediate support @ 3305 level and below this level it can take support @3290-3270 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3350 and above this level it may take resistance @ 3365-3385 levels.
Technical indicators:
Technical indicators MACD, RSI and CCI all are in recovery mode.
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