8:46 PM
Admin
Market Reviews:
Singapore's STI is up, taking off in late trade after spending most of the morning session essentially flat, market had no reason to driving up.
Singapore shares open with gap @ 3297.19 and then dropped and took support @ 3279.82 and recover from that level and cross its 3300 mark, finally closed @ 3322.71 with gain of 38.36 points up by 1.17%.
Some 2.40 billion shares, valued at S$1.8 billion were traded. Gainers outnumbered losers 290 to 126.
Market forecast:
Today STI closed up 1.2% at 3,322.71, the highest close since January 2008.once again STI crossed its highest level and closed above this.
As from the last few weeks STI can't able to sustain above 3300 mark and again and again fell below this level, as STI is in consolidation phrase, today it suddenly trades above the 3320 mark and closed above this level.
STI formed a candlestick pattern called a bullish Tweezer Bottom it occurs during a downtrend when bears continue to take prices lower, usually closing the day near the lows (a bearish sign). Nevertheless, Day 2 is completely opposite because prices open and go nowhere but upwards. This bullish advance on Day 2 sometimes eliminates all losses from the previous day.
The reversal of downtrend requires a confirmation on the third day. The confirmation of the trend reversal may be in the form of a white candlestick, a large gap up or a higher close on the next trading day (on the third day).
Support:
STI having immediate support @ 3300 level and below this level it can take support @3280-3260 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3335 and above this level it may take resistance @ 3350-3365 levels.
Technical indicators:
Technical indicators MACD, RSI and CCI all are in recovery mode.
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