8:23 PM
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Market Reviews:
Singapore's STI is up 0.3% at 3358.13 after setting fresh more than 5 year highs despite U.S. GDP data coming in worse than expected.
Singapore shares open 3351.15 and then crossed its 3360 level but cant able to sustain that high fell down and took support @ 3347.19 and then recovers and made day high @ 3362.92 and finally closed @ 3361.92 with gain of 13.05 point up by 0.39%.
Some 2.05 billion shares, valued at S$1.28 billion were traded. Losers outnumbered gainers 249 to 216.
Market forecast:
STI continue the upward rally. As it crossed the resistance level and maintain this, so we expecting more uptrend and next resistance come @ 78.6% retracement level i.e. 3382-3385 mark.
As we explain in our previous report that STI crossed its resistance level which is also breakout point of “Ascending Triangle”. So according to this pattern more upward trend is expected.
Support:
STI having immediate support @ 3335 level and below this level it can take support @3320-3300 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3380 and above this level it may take resistance @ 3400-3412 levels.
Technical indicators:
Technical indicators MACD, RSI are in recovery mode and CCI currently traded @ + 233.93 level.
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