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Wednesday, May 8, 2013

Straits Time on 8 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 index traded above 3400 mark whole day and finally closed well above this level.


STI opens with good gap @ 3393.59 and then continuously traded in uptrend and finally made say high @ 3423.57 and closed for the day @ 3413.020 with gain of 29.86 points up by 0.88%.


Some 2.74 billion shares, valued at S$1.93 billion were traded. Gainers outnumbered losers 291 to 145.




Market forecast:
STI open with good gap and crossed its recent high and made another new high after 2008 i.e. 3423.57 and also closed above 3400 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.


Today STI formed a candlestick pattern called “White Opening Marubozu” This candlestick represents extreme bullishness and it is characterized with a long white body that has an upper shadow but no lower shadow. Indicates buyers controlled the price action.


The day opens and prices continue to go up all day long without looking back, thus forming a long white day with no lower shadow. However, the day does not close at the high of the day, and thus creates an upper shadow. It is generally bullish.




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 @ 69.68 are in recovery mode and CCI currently traded @ + 137.34 levels.

 
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