7:51 PM
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Market Reviews:
Most Southeast Asian stock markets rose to new highs on Wednesday on light to moderate volume and ahead of U.S. Fed Chairman Ben Bernanke's testimony in Congress, with expectations of improved earnings forecasts supporting Singapore shares.
STI opens with gap @ 3453.28 and then it made day high and new high also @ 3464.69 and then it traded in a narrow range. STI closed @ 3454.37 with gain of 10.470 points up by 0.30%.
Some 3.78 billion shares, valued at S$1.66 billion were traded. Gainers outnumbered losers 327 to 162.
STI traded in reverse direction from yesterday’s movement and closed with gain.
Today STI formed a candlestick pattern called “Inverted Umbrella” the body should be colourless and have zero length. However, candlesticks with close-to-zero body lengths. Only the upper shadow exists and it is long.
The Inverted Umbrella indicates that buyers dominated trading and they were able to drive prices higher during the day. However, sellers resurfaced by the end of the day and pushed prices back to the opening price level and to the day’s low.
Support:
STI having immediate support @ 3440 level and below this level it can take support @3420-3400 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3465 and above this level it may take resistance @ 3480-3500 levels.
Technical indicators:
Technical indicators MACD, RSI trading above centreline @ 69.92 are in positive mode and CCI currently traded @ + 89.717 levels.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3440 | 3420 | 3400 | 3465 | 3480 | 3500 |
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