8:45 PM
Admin
Market Review:
Singapore shares fell, snapping 4 consecutive sessions of gains, with property stocks weighted by new cooling measures in the city-state. Asian equities edged lower on Monday, hurt by worries that the U.S. Federal Reserve could start scaling back its massive monetary stimulus in September, and signs of an economic slowdown in China.
STI opens @ 3147.49 and then it made day low @ 3132.86 after taking support at this level made day high @ 3151.11 and finally closed @3140.93 with loss of 9.51 points.
Some 2.04 billion shares, valued at S$1.05 billion were traded. Losers outnumbered gainers 222 to 202.
Market forecast:
After 4 days of winning streak STI loose some points and closed lower than previous closed. STI closed above 3100 mark.
STI formed a very small candle, as the movement of today is very small, almost only 11 points and finally STI closed lower than previous closed and that’s a reason for red small candle.
As STI trading above 3100 mark so with today’s move now STI looks bullish and can gain further but as we previously mentioned that STI can be bullish above 3250 mark because it is an up sloping trend line which was acted as a major support level, so now it will act as a resistance level for STI.
Support:
STI having immediate support @ 3120 level and below this level it can take support @3095-3070 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3160 and above this level it may take resistance @ 3180-3200 levels.
Technical indicators:
Technical indicators MACD turn to bearish , its 14-day RSI is in recovering mode and closed @ 40.395 and CCI recovers again and trading @ -36.836.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3120 | 3095 | 3070 | 3160 | 3180 | 3200 |
Posts
