9:07 PM
Admin
Market Reviews:
It’s a 2nd
day where STI recovers and closed on higher levels, STI closed above
3050 level.
STI opens slightly lower @ 3050.12 marks and recovers
from that level and made day high @ 3062.79, but closed with shed
some points @ 3054.78 with loss of 0.940 points down by 0.03%.
Some
4.18 billion shares, valued at S$1.31 billion were traded. Gainers
numbered 258 while losers numbered 178.
Market
forecast:
STI
closed above its long-term support zone of 3030, recovers from its
recent low of 2990.
STI
formed short candlestick pattern called inverted hammer in this
type of candle having a short body with longer upper shadow but no
lower shadow. This candle formed when index open @ its lower and then
made higher mark but can’t able to sustain higher levels and closed
near to previous day close.
After
a long down trend STI took support @ 2990 level and recovers almost
60 points from recent low. And the positive thing is it traded above
the 3030 mark which was a long term support level.so if STI continue
traded above 3030 mark so we can see some recovery in it.
Support:
STI having
immediate support @ 3020 level and below this level it can take
support @2990-2970 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3070 and above this level it may take
resistance @ 3090-3110.
Technical
indicators:
Technical
indicators MACD, RSI and CCI all are looking bearish
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