9:05 PM
Admin
Market Reviews:
STI
opens flat today,
and closed also near to opening level. Overall the Index closed
lower.
STI
opens with flat @ 3213.57 and then Index
made day high@ 3229.61. But cant able to cross its classic Resistance
of 3230 and finally closed @ 3211.75 with loss of 2.50 down by 0.08%.
Some
4.86 billion shares, valued at S$1.42 billion were traded. Gainers
numbered 229 while losers numbered 238.
Market forecast:
STI
facing resistance at its classic resistance level that is 3230 mark
and closed below then previous close.
STI
traded lower from last 3 days, today STI opens flat and traded for
higher levels but closed on lower levels , with this movement STI
formed a candlestick pattern called “Spinning top”. This single
candlestick having small body and long upper shadow and small lower
shadow.
A
small real body shows that the bulls and the bears are battling it
out in a tug-of-war, with neither the bulls nor bears being able to
make dominant control. Selling pressure (bears) pushes the real body
down, but buying pressure (bulls) keep it from being a long black
real body. In the other scenario for a spinning top, demand is
stepping in but supply is counterattacking and in doing so, keeps the
market from forming a tall white candle. Spinning tops have a sort of
cousin name high wave candles.
Support:
STI having
immediate support @ 3190 level and below this level it can take
support @3160-3130 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3235 and above this level it may take
resistance @ 3265-3285.
Technical
indicators:
Technical
indicators MACD, RSI and CCI all are looking in recovering mode.
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