Straits Time

 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.