8:47 PM
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Market Reviews:
STI rebounded from the previous day's losses on bargain buying in cautious trade ahead of a closely watched policy meeting at the Federal Reserve.
STI opens 3238.81 and made day high at 3258.56 but after making this high STI suddenly crashed and made day low @ 3222.56 and recovers from that level , finally closed @ 3245.45 with gain of 8.48 points up by 0.26%.
Some 2.19 billion shares, valued at S$1.22 billion were traded. Gainers numbered 195 while losers numbered 202.
Market forecast:
STI trading below its up slopping supports line as yesterday it fell below this line. Still today it recovers some points from previous trading day.
STI forming candlestick pattern called white spinning tops, White Spinning Top candle is a single candlestick pattern, with a small white body. Where the upper and lower shadows that have a greater length than the body's length. The white spinning top pattern shows that the market moving higher and then sharply lower, or vice versa, closes above the opening price. Thus, creating a white body, representing complete indecision between the bulls and the bears.
As we can see on daily chart STI formed a pattern which replicate like rising wedge and as per the pattern if STI maintain above its up sloping resistance line i.e. 3270 mark then we can see more upside move in the Index, and for other side if STI breached its up sloping support line @ 3230 mark then next support will come @ 3180 level and after that we can see bearish move in market.
Support:
STI having immediate support @ 3210 level and below this level it can take support @3195-3180 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3250 and above this level it may take resistance @ 3265-3280 levels.
Technical indicators:
Technical indicators MACD turn to bearish , its 14-day RSI is in recovering mode and closed @ 55.604 and CCI recovers again and trading @ 61.71
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