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Market Reviews:
STI
continue the bullish rally and opens with gap also closed with little
gain.
STI
opens @ 3183.81 with and traded in very narrow range for the day,
after opening it made day low @ 3176.75 and then it recovers from
this level and made day high @ 3188.77. Finally closed @ 3180.92
with gain of 1.440 up by 0.04%.Some
3.18 billion shares, valued at S$1.3 billion were traded. Gainers
numbered 175 while losers numbered 282.
Singapore’s
August non-oil domestic exports (NODX) surprised a generally
optimistic market consensus (+2.4% y/y) on the downside and
posted a contraction of 6.2% y/y, worse than a revised 1.9% y/y
contraction seen a month ago.The contraction was due to weak
performance seen in both electronic exports (-9.2% y/y) and
non-electronic exports (-4.7% y/y).
Market
forecast:
STI
traded above its 3180 level today and closed just at same level, its
good sign if it will continue the trading above this mark.
STI
formed a candlestick looking like that STI making a Pattern called
evening star, but yet we cannot assume this, after next day movement
we can decide the authenticity of this pattern. We need bearish
candle to complete this pattern.
Today
STI made a Star candle it opens up and closed near to opening level
also the movement was very narrow which was helps to form this
pattern.
Support:
STI having
immediate support @ 3150 level and below this level it can take
support @3130-3110 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3190 and above this level it may take
resistance @ 3205-3235.
Technical
indicators:
Technical
indicators MACD, RSI and CCI all are looking in recovering mode.
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