8:54 PM
Admin
Market Reviews:
Singapore's stock
markets were broadly higher on Wednesday, with Asian markets.
Today STI opens higher @ 3249.46 and then it made day
low @ 3231.56 and then took support at that level and recovers, made
day high @ 3251.64 and finally closed @ 3248.66 with gain of 4.54
points up by 0.14%.
Some 2.34 billion shares, valued at S$1.31 billion were
traded. Gainers numbered 271 while losers numbered 204.
Market
forecast:
STI
opens above its 50 day MA level and traded above this level, which is
a good sign for STI. However STI trading below its up slopping trend
line.
STI
formed a candlestick pattern called The
Hammer candlestick formation is a significant bullish reversal
candlestick pattern that mainly occurs at the bottom of downtrends.
He Hammer formation is created when the open, high, and close are
roughly the same price. Also, there is a long lower shadow, twice the
length as the body.
When the high and the close are the same, a bullish Hammer
candlestick is formed and it is considered a stronger formation
because the bulls were able to reject the bears completely plus the
bulls were able to push price even more past the opening price.
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 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 @3180-3160 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3265 and above this level it may take
resistance @ 3280-3305 levels.
Technical
indicators:
Technical
indicators MACD turn to bearish , its
14-day RSI is in turning mode and closed @ 50 and CCI recovers again
and trading @ -42.75
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