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Thursday, May 9, 2013

Straits Time on 09 May 2013


Technical view on STI
 
STRAITS TIME LEVELS


Support 1
3400
Support 2
3385
Support 3
3360
Resistance 1
3425
Resistance 2
3440
Resistance 3
3470

Market Review:
Singapore shares rose to their highest in more than 5 years on today, encouraged by global data and Wall Street's extended record run. The Straits Times index rose 0.6 percent to 3,433.96, the highest since January 2008.
STI opens with good gap @ 3424.54 and then continuously traded in uptrend and finally made say high @ 3434.49 and closed for the day near to day high @ 3432.78 with gain of


Market forecast:
STI open with good gap and crossed its yesterday high and made another new high after 2008 i.e. 3434.49 and also closed near day high @ 3432.78.
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.
Today STI formed a candlestick pattern called “rising window” this candle formed as its lower level is above the previous high in case of STI its true yesterday high was 3423.57 and today’s lower level is higher than yesterdays high i.e. 3434.49 .


Support:
STI having immediate support @ 3400 level and below this level it can take support @3385-3360 will be the support zone for STI.

Resistance:
STI having immediate Resistance @3425 and above this level it may take resistance @ 3440-3470 levels.

Technical indicators:
Technical indicators MACD, RSI trading above centreline @ 72.42 are in recovery mode and CCI currently traded @ + 146.36 levels.

 
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