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Market Reviews
Singapore
shares rose for the second day in a row, led by property and shopping
mall stocks after a few brokers issued positive reports on the
companies.
STI
opens with gap up @ 3105.83and then recovers some points and made day
high @ 3118.73 and again fell cover the opening gap and took support
@ 3092.54 , after taking support at this level STI closed above 3100
@3104.40 with gain of 14.47 up by 0.47%.
Some
1.93 billion shares, valued at S$1.35 billion were traded. Gainers
outnumbered losers 202 to 179.
Market
forecast:
Today
STI traded above 3100, traded well above 3100 mark and made day high
@ 3118. But faced resistance at that level and breached 31oo mark,
finally closed above 3100.
STI
formed a candlestick pattern called “Spinning High Wave” is
candlestick that has an open and close price near each other which
produces a small real body and colour is of no importance. They also
have long upper and lower shadows that significantly exceed the
length of the body. These types of candlesticks indicate indecision
and subsequent consolidation.
Spinning
Top High Wave candlesticks and then "join the side-lines".
After such a volatile session, traders will often wait for additional
confirmation of an upward or downward price movement.
As
STI trading above 3100 mark so with today’s move now STI looks
bullish and can gain further but as we previously mentioned that STI
can be bullish above 3250 mark because it is an up sloping trend line
which was acted as a major support level, so now it will act as a
resistance level for STI.
Support:
STI having
immediate support @ 3080 level and below this level it can take
support @3060-3040 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3120 and above this level it may take
resistance @ 3135-3150 levels.
Technical
indicators:
Technical
indicators MACD turn to bearish , its
14-day RSI fell and closed near to oversold level of 30 trading @
33.03 and CCI recovers again and trading @ -95.92.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3080 | 3060 | 3040 | 3120 | 3135 | 3150 |
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