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Thursday, April 4, 2013

STI Singapore Markets Outlook for 05-April 2013

Market reviews:
Singapore equities opened lower today @ 3315 mark and traded in a very narrow range of 3309.13-3318.02, after a zigzag movement finally STI closed @ 3307.8 levels with loss of 13.97 points down by 0.42%.

Some 2.91 billion shares, valued at S$1.13 billion were traded. Losers outnumbered gainers 285 to 147.

Market forecast:
After making all time high yesterday, STI opens lower today and traded in a very narrow range of 9 points and closed lower.

As yesterday STI formed a candlestick pattern black spinning top which was formed after a uptrend and after uptrend this candle denotes bearishness in market.

Today STI formed a candlestick pattern look like “The Black Closing Marubozu” is a single candlestick pattern characterized by its long black body. It does not have a lower shadow but it has an upper shadow. It is an extremely strong bearish candlestick pattern.

STI cant able to sustain above its resistance level of 3320 and slips below this mark and took support @ 3309 mark. Whenever STI sustain above 3300 mark we can be bullish on it.

Support:
STI having immediate support @ 3295 level and below this level it can take support @3280-3260 will be the support zone for STI.

Resistance:
STI having immediate Resistance @3320 and above this level it may take resistance @ 3335-3350 levels.

Technical indicators:
Technical indicators MACD, RSI and CCI all are in recovering with today’s move.

 
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