STI SIngapore Market Forecast 14-June

Market Reviews:
Singapore shares fell to their lowest level this year, largely in line with regional markets, today again. Prices opened lower on Thursday with the Straits Times Index down 33.12 points to 3,120.36.

STI opens gap down @ 3120.36 marks then it crossed the 3100 mark and made day low @ 3094.86 levels and took support at this level, STI recovers from that lower level and made day high @ 3134.18 and finally closed @ 3130.69 with loss of 22.79 with loss of 0.72%.

Some 2.83 billion shares, valued at S$1.96 billion were traded. Losers outnumbered gainers 462 to 82.

Market forecast:

Straits Times Index dropped badly today and crossed its 3100 mark, but finally closed with recover all today’s loss above 3100 mark.

Today STI crossed its 3100 mark and made low of 3094 levelly STI still looking bearish as it is trading below 78.6% retracement level and below its 6 months lower level which is again a bearish sign.

Today STI formed a candlestick pattern called a “window” between the low of the 1^st candle and high of 2^nd candle. The falling window is an indication of bearish sentiment with the window serving as resistance. This bearishness is confirmed by the failure of the following two session to close the window and violate resistance.

Support:

STI having immediate support @ 3110 level and below this level it can take support @3085-3050 will be the support zone for STI.

Resistance:

STI having immediate Resistance @3170 and above this level it may take resistance @ 3195-3220 levels.

Technical indicators:

Technical indicators MACD is bearish, its 14-day RSI closed below 30 trading @ 20.01, and level indicating shares are oversold. And CCI coming down some points and trading @-133.186.

Support 1	Support 2	Support 3	Resistance 1	Resistance 2	Resistance 3
3110	3085	3050	3170	3195	3220