9:44 PM
Admin
Market Review:
Singapore shares open higher, back of China released data showing the world's second largest economy grew in line with expectations in the April-June quarter.
STI opens with good gap @ 3240.52 and just made a low of 3239.34 marks and in the same candle it made a day High @ 3255.54. After making day High STI traded between the ranges and finally closed @ 3236.82 with gain of 0.76 points, up by 0.02%.
Singapore retail sales rose 3.2 % from a year ago in May 2013, according to data released by Singapore Department of Statistics on today, excluding motor vehicles, retail sales went up 3.1% from a year ago. Retailers of telecommunications apparatus & computers, watches & jewellery, supermarkets, food & beverages and department stores recorded the highest increases in sales of between 5.3% and 8.1% from a year ago.Sales of optical goods & books, motor vehicles, provision & sundry shops, medical goods & toiletries and wearing apparel & footwear also climbed between 1.1% and 3.6% from year-ago
Market forecast:
STI opens higher but closed lower, it was a 2nd consecutive down trend in STI. But still STI maintain itself above 3200 mark.
STI formed a candlestick pattern called “Bullish Harami” A bullish Harami occurs when there is a large bearish red candle on Day 1 followed by a smaller bearish or bullish candle on Day 2. Again, the most important aspect of the bullish Harami is that prices gapped up on Day 2 and price was held up and unable to move lower back to the bearish close of Day 1.”
STI closed well above its resistance line of pattern so we can expect more upwards till 3310.
Support:
STI having immediate support @ 3220 level and below this level it can take support @3200-3180 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3265 and above this level it may take resistance @ 3285-3310 levels.
Technical indicators:
Technical indicators MACD turn to bearish , its 14-day RSI is in recovering mode and closed @ 58.56 and CCI recovers again and trading @ 173.74
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