STI Daily Technical Analysis report: 8th Oct

Straits Time

Figure: 1, Period: Daily

Technical view on STI

STRAITS TIME LEVELS
Support 1	3130
Support 2	3110
Support 3	3090
Resistance 1	3150
Resistance 2	3165
Resistance 3	3185

Market Review: STI traded in down trend on 1^st day of the week and closed in red.

STI opens with gap up @ 3146.05, after opening up it made day high@ 3147.48 and faced resistance at that level and trading in down trend after opening higher, finally took support @ 3132.64 and closed for the day at 3136.59 with loss of 1.49 points down by 0.05%.

Volume was 4,074.9 million shares worth 1030.6 million.Losers outnumbered gainers 401 to 106.

Market forecast: If we see in the daily graph it looks like that STI taking support at 3130 levels, as today and in previous session it took support at 3131 & 3132 respectively. But STI closed ear the lower level which is a point of concern.

STI formed candles pattern called “tweezers bottom”, this candlestick occurs during a downtrend when bears continue to take prices lower, usually closing the day near the lows (a bearish sign). Nevertheless, Day 2 is completely opposite because prices open and go nowhere but upwards. This bullish advance on Day 2 sometimes eliminates all losses from the previous day.

Support:

STI having immediate support @ 3130 level and below this level it can take support @3110-3090 will be the support zone for STI.

Resistance:

STI having immediate Resistance @3150 and above this level it may take resistance @ 3165-3185

Technical indicators:

Technical indicators MACD, RSI and CCI all are seem to losing its trend.