4:42 PM
Admin
Weekly wrap of STI:
STI shown positive move in this week and traded on higher levels also crossed its immediate resistance mark.
Week starts slightly higher side @ 3146.05 and then it’s breached its major support level of 3135 and made week low @ 3122.38 and took support this level and then traded on higher levels, finally it made a week high @ 3197.17 and then closed @ 3179.71 below 3200 mark with gain of 41.63 points up by 1.31%.
Market Forecast for week ahead:
After a heavy selling in previous 2 weeks, this week STI took support on lower levels and find a way to go upward. As it closed above its 38.2% retracement level.
STI formed candles pattern called “Bullish Harami”, a candlestick chart pattern in which a large candlestick is followed by a smaller candlestick whose body is located within the vertical range of the larger body. The Bullish Harami indicates that the falling trend (bearish trend) may be reversing; it signals that it's a good time to enter into a long position. The smaller the second (white) candlestick, the more likely the reversal.
STI Resistance:
STI having Resistance @ 3205 and above this level it may take resistance from 3235-3265 levels.
STI Support:
STI having nearest support @ 3150 below this 3125-3095 will be the support area for market.
Technical Indicators:
Technical indicators are showing some recovery.
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