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Market Reviews:
Singapore shares rose to their highest in a week and a half, moving in tandem with global equity markets, which got a boost from upbeat data from Europe and the United States, with property shares leading the gains.
STI opens with some points higher @3153.93 and then fell down and took support @day low of 3153.47, after taking support above 3150 level it traded upward and finally made day high @ 3186.89 but closed lower than high @ 3173.32 with gain of 32.39 points up by 1.03%.
Some 2.06 billion shares, valued at S$1.27 billion were traded. Gainers outnumbered losers 310 to 111.
Market forecast:
STI traded above 3150 mark which was strong resistance for STI previously; also STI crossed its 2nd resistance @ 3180 and closed near to that level.
STI formed a candlestick pattern called “Rising Window” is a combination of a gap or window and two candlesticks. In Japanese candlesticks, a gap is called a window and occurs when there is a gap between two consecutive candlesticks, including their shadows. It is not a window if the gap is between the real bodies of the two candlesticks, but the shadows touch. The gap must be between the shadows as well. A window can be a rising window, which is bullish.
As STI trading above 3150 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 @ 3140 level and below this level it can take support @3120-3095 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3195 and above this level it may take resistance @ 3210-3230 levels.
Technical indicators:
Technical indicators MACD turn to bearish , its 14-day RSI is in recovering mode and closed @ 45.968 and CCI recovers again and trading @ 36.099.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3120 | 3095 | 3070 | 3160 | 3180 | 3200 |
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