8:10 PM
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Market Reviews:
Most Southeast Asian stocks rose for a third session on Tuesday as recently oversold shares continued to rebound, but volume slid as investors waited for more clarity on the U.S. Federal Reserve's stimulus programme.
Stocks edged higher Tuesday ahead of a 2-day policy meeting of the U.S. Federal Reserve that could have a huge influence on how investors see the future path of the country's monetary policy.
STI opens with gap up @ 3198 level and made low for day @3195.31 and recover from that level and crossed its major resistance level of 3220, and made day high @3233.69 and finally closed @ 3229.55 with gain of 46.11 points up by 1.45%.Some 1.71 billion shares, valued at S$1.33 billion were traded. Gainers outnumbered losers 294 to 132.
Market forecast:
Straits Times Index rose 1.5 % today, recovers from its Thursday’s lower level and also traded above 3200 mark @ 3229 above resistance level.
Again STI formed a white long candlestick pattern which is bullish candle as opens lower and closed higher so we can expect some more recovery in this week.
As we previously mentioned that STI can be bullish above 3250 mark because it is a up sloping trend line which were acted as a major support level, so now it will act as a resistance level for STI.
Support:
STI having immediate support @ 3210 level and below this level it can take support @3180-3160 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3250 and above this level it may take resistance @ 3280-3305 levels.
Technical indicators:
Technical indicators MACD is bearish, its 14-day RSI closed above 30 trading @ 42.925 and CCI recovered some points and trading @ -41.58.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3210 | 3180 | 3160 | 3250 | 3280 | 3305 |
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