8:30 PM
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Market Reviews:
Singapore shares opened flat and closed almost at same level as opening.
STI opens flat @ 3451.32 and then it fell down and took support @ its day low level i.e. 3437.03, again recovers from that level and made day high @ 3455.55. Finally STI closed @ 3452.28 with gain of 10.75 points up by 0.31%.
Some 2.63 billion shares, valued at S$1.62 billion were traded. Gainers outnumbered losers 246 to 212.
Market forecast:
After 3 days of loosing strike, today STI again made new high and closed with gain near the higher level.
Now STI trading well above its 78.6% retracement level i.e. 3373.23 marks, and above this level next milestone comes @ 3908 mark which is far away from current level. Between this we can see long consolidation phrase as well.
Today STI formed a candlestick pattern called the high wave candlestick .This candlestick has a tiny white body with upper and lower shadows that have a greater length than the body. It is accepted as a type of Doji, and will act as a Doji when it appears.
The market moves higher and then sharply lower, or vice versa. It then closes above the opening price creating a tiny white body. This represents complete indecision between the bulls and the bears. The actual length of the shadows is not important. The small body relative to the shadows is what makes the spinning top.
STI Intraday Support Levels:
STI having immediate support @ 3425 level and below this level it can take support @3400-3380 will be the support zone for STI.
STI Intraday Resistance Levels:
STI having immediate Resistance @3470 and above this level it may take resistance @ 3500-3525 levels.
Technical indicators:
Technical indicators MACD, RSI trading above centreline @ 72.30 are in positive mode and CCI currently traded @ + 105.35 levels.
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