Technical
view on STI
|
STRAITS
TIME LEVELS
|
|
|
Support 1 |
3360
|
|
Support 2 |
3340
|
|
Support 3 |
3320
|
|
Resistance
1 |
3400
|
|
Resistance
2 |
3415
|
|
Resistance
3 |
3430
|
Market
Review:
Singapore
shares open flat today and also traded in a very narrow range and
closed also on the same levels.
STI
opens @3384.80 and traded higher level and made day high @ 3397.60
and faced resistance at that level and took southern move and finally
closed @ 3383.16 after making day low @ 3382.91. STI closed @ 3383.16
with gain of 0.870 up by 0.03%.
Some
2.44 billion shares, valued at S$1.71 billion were traded. Gainers
outnumbered losers 289 to 182.
Market
forecast:
As
previous day STI again traded in a very narrow range and closed below
opening level , however it made day high above than previous day
high.
As
we explain in our previous report that STI crossed its resistance
level which is also breakout point of “Ascending Triangle”. So
according to this pattern more upward trend is expected.
Today
STI formed a candlestick pattern called “Shooting Star “is
made up of one candlestick
(white or black) with a small body, long upper shadow and small or
nonexistent lower shadow. The size of the upper shadow should be at
least twice the length of the body and the high/low range should be
relatively large.
Support:
STI having
immediate support @ 3360 level and below this level it can take
support @3340-3320 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3400 and above this level it may take
resistance @ 3415-3430 levels.
Technical
indicators:
Technical
indicators MACD, RSI are in recovery mode and CCI currently traded @
+ 120.28 levels.
