7:59 PM
Admin
Market Reviews:
Last week were mixed as per the trading point of view, STI traded both the sides and finally closed neutral.
STI open flat @ 3294 levels then traded lower and made week low @ 3278.41. STI recovers from its lower level with peer market sentiments and made week high @ 3314.91 and finally closed @ 3294.19 with loss of 5.59 down by 0.16% wow basis.
STI Weekly Outlook for week ahead:
It’s a 2nd consecutive week where STI closed in loss, and below its 3300 mark which is bearish signal.
STI formed a candlestick pattern called “High Wave Spinning top” is candlestick that has an open and close price near each other which produces a small real body and colour is of no importance.
They also have long upper and lower shadows that significantly exceed the length of the body. These types of candlesticks indicate indecision and subsequent consolidation.
STI trading in a consolidation phrase between the ranges of 3220-3320 levels, either side breakout will give the clear move for coming days.
STI Resistance:
STI having Resistance @ 3320 and above this level it may take resistance from 3335-3350 levels.
STI Support:
STI having nearest support @ 3260 below this 3240-3220 will be the support area for market.
Technical Indicators:
Technical indicators are giving mixed impression.MACD looking good.RSI trading above its centreline @ 64.727 and CCI also turning upwards and trading at 69.48.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3260 | 3275 | 3220 | 3320 | 3335 | 3350 |
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