9:04 PM
Admin
Market Reviews:
STI
traded below 3200 mark today, as on Monday it crossed 3200 mark and
traded lower as US budget worries hit the market.
STI
opens with gap up @ 3180.72 and made day high @ 3198.50 after making
high it fell down and took support @ day low of 3176.70. Finally
closed @ 3181.5 with gain of 13.63 up by 0.43%.
Some 3.68 billion shares, valued
at S$1.14 billion were traded. Gainers numbered 242 while losers
numbered 190.
Market forecast:
After
breaching 3200 mark, today STI trading below 3200 mark and cant able
to cross above 3200, but it opens higher and closed also higher from
yesterday’s level.
STI formed a
bearish candlestick pattern called “Harami”
the harami pattern consists of two candlesticks with the first
candlestick being a large candlestick and the second being a
relatively small candlestick. the first candlestick seen as the
"mother" with a large real body that completely enclosing
or embodies the smaller second candlestick.The second candlestick may
appear to be a spinning top .
The
appearance of the Harami, and the short real body of the second
candlestick, is a signal that indecision and uncertainty following a
sudden surge in movement of the trend is causing the trend to lose
momentum.
STI closed
below its 38.2% retracement level and if it will sustains below this
level then we can see STI @ 3100 mark soon.
Support:
STI having
immediate support @ 3150 level and below this level it can take
support @3130-3100 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3185 and above this level it may take
resistance @ 3205-3235
Technical
indicators:
Technical
indicators MACD, RSI and CCI all are seem to losing its trend.
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