8:54 PM
Admin
Market Reviews:
STI opens flat today @ 3308.30 levels and then it made a day high @ 3310.46. STI faced resistance at that level and fell from that mark. STI took support @ 3279.94 marks and finally closed @ 3284.35 levels with loss of 24.57 points down by 0.74%.
Some 1.8 billion shares, valued at S$1.34 billion were traded. Losers outnumbered gainers 284 to 136.
Singapore's inflation in March came in at a slower pace than analysts expected. The consumer price index (CPI) rose a slower than expected 3.5 % in March, after rising 4.9 % in February. Economists polled by Reuters were expecting inflation of 3.75 percent due to a drop in car prices.
Market forecast:
STI can't able to sustain above 3300 mark and again and again fell below this level, as STI is in consolidation phrase and expected to remain same range some more weeks.
Today STI loose almost 25 points and formed a candlestick pattern called “Long Black Candlesticks” are indicators of strong selling pressure. A longer black candlestick means that the close is further below the opening price. The prices decline significantly following the opening showing that sellers were aggressive.
STI took support near to 3280 mark which is strong support for STI if it will maintain this support then it can move above 3300 mark.
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 @3305 and above this level it may take resistance @ 3320-3335 levels.
Technical indicators:
Technical indicators MACD, RSI and CCI all are in recovery mode.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3260 | 3240 | 3220 | 3305 | 3320 | 3335 |
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