8:36 PM
Admin
Market reviews:
Singapore shares snapping a 2 day losing streak as a surprising rise in U.S. retail sales boosted optimism about the recovery in the world's largest economy, but the dollar took a breather after recent broad gains ahead of more data.
STI opens with good gap @ 3436.71 and then continuously traded in down trend and finally made day low @ 3425.18. STI recovers from lower levels and closed @ 3432.76 with gain of 3.80 points up by 0.11%.
Some 2.70 billion shares, valued at S$1.38 billion were traded. Gainers and losers numbered 229.
Market forecast:
it’s a 2nd day where STI closed with loss and also below the higher levels, today it was opened higher but cant able to sustain higher levels.
As we explained previously that STI formed a technical pattern called f “Ascending Triangle”. And after breaking out it retraced almost 3% from 3320 level so we think it well consolidate at this level and after that break next level.
Support:
STI having immediate support @ 3425 level and below this level it can take support @3400-3380 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3450 and above this level it may take resistance @ 3470-3500 levels.
Technical indicators:
Technical indicators MACD, RSI trading above centreline @ 60.431 are in recovery mode and CCI currently traded @ + 105.035 levels.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3425 | 3400 | 3380 | 3450 | 3470 | 3500 |
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