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Market Reviews:
STI opens high and closed also above its resistance level which is positive sign.
STI opens with gap @ 3192.47 and after opening above resistance STI made day high @ 3205 level but can’t able to sustain above this mark and traded lower in last hours, finally STI closed @ 3188.04.Singapore shares outperformed, with the Straits Times Index up, the highest in more than 2 weeks.
STI traded in positive node and made day high above to last week’s high and faced resistance @ 3205 level, but closed below this 3200 mark.
As we mention in our previous report that STI formed a technical pattern called pennant, his pattern is usually a continuation pattern so in this case it would be bearish pennant. However since it’s forming right at our uptrend line, this could break on either side. And maybe just tiny bit higher chances that it could break upside since we are the uptrend line support.
STI opens and traded above this resistance line of pattern but closed @ this resistance line.We can see this pattern in reverse manner and if STI manage it self above 3190 than we can expect more upside.
Support:
STI having immediate support @ 3160 level and below this level it can take support @3140-3120 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3190 and above this level it may take resistance @ 3205-3230 levels.
Technical indicators:
Technical indicators MACD turn to bearish , its 14-day RSI is in recovering mode and closed @ 48.78 and CCI recovers again and trading @ 67.43.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3160 | 3140 | 3120 | 3190 | 3205 | 3230 |
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