8:20 PM
Admin
Market Reviews:
STI recovers after 4 days of continuous fall, it took
support day before yesterday’s low of 2990 and today closed above
3030 mark.
STI opens with gap up @ 3015.93, and then it traded
higher side and made day High @ 3041.55 and finally STI closed @
3038.03 with gain of 33.85 points up by 1.13%.
Some 3.88 billion shares, valued
at S$1.31 billion were traded. Gainers numbered 299 while losers
numbered 148
Market
forecast:
STI
closed above its long-term support zone of 3030, recovers from its
recent low of 2990.
STI
formed long white candlesticks which denotes bullish scenario in
company.
It opens with gap and closed higher so it formed a bullish candle.
It
is a bearish continue pattern and as STI closed below 3050 level so
we can see more downtrend in index. STI touched its long tern support
level which made by its previous lower levels i.e. 2521 and 2715.60
and third point is 3027 todays lower level.so if Index crossed this
level then we can see free fall in market.
Support:
STI having
immediate support @ 2990 level and below this level it can take
support @2970-2950 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3050 and above this level it may take
resistance @ 3080-3110.
Technical
indicators:
Technical
indicators MACD, RSI and CCI all are looking bearish
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