8:48 PM
Admin
Market Forecast for week ahead:
It’s a 3rd straight week of continuous fall, from its recent high of 3464 mark it sheds more than 286 points.
STI breached its short term as well long term uptrend channel level i.e. 3300-3235 mark. Long channel made by its June 2012 low to November 2012 lower level but this week it traded below this level and fell drastically.
As STI trading below its 78.6% retracement level and next strong support comes @ 2972.009 which is 61.8% retracement level. So next major support comes at this level only.
STI Weekly Resistance:
STI having Resistance @ 3235 and above this level it may take resistance from 3295-3335 levels.
STI Weekly Support:
STI having nearest support @ 3150 below this 3080-3040 will be the support area for market.
Technical Indicators:
Technical indicators are giving Bearish impression, MACD give its bearish crossover, RSI trading below centre line @ 42.172 and CCI also turning from high level to -130.565.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3150 | 3080 | 3040 | 3235 | 3295 | 3395 |
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