Monday, February 13, 2012
8:24 PM Your Advisor
Singapore Stock Market Review
STI moved with positive biasness in today's trading session and made intraday high of 2978.33.
After the previous day's correction STI open flat in today's session and taking support of its 200 period MA on intraday chart, it moved with positive biasness all through the session, though losses of the previous day could not be fully recovered. Overall it remained positive in trading hours and finally closed at 2976.34 with the gain of 16.34 points up by 0.55%.
SGX Singapore Share prices
STI today had recovery and it closed on positive note, it is expected to continue its positive biasness in the short term. It is closed above its 50 and 200 period moving average on intraday chart, so positive side movements are expected in it. It is in consolidation phase at the higher levels and if it manages to sustain at current levels, uptrend may further continue in it. It may test its nearest resistance level of 2986, crossing of which next resistance exists at 2995 for STI. In short term it is expected to show positive biasness and may test its resistance levels.
As 3000 is the major and psychological level for STI so it may also bounce back from this level and may show little correction in short term.
STI having nearest support @ 2963 and below this level it can take support @ 2951 levels and 2940 is the major support level.
STI having Resistance @ 2986 and above this level it may take resistance from 2995-3006 levels.
Technical indicator MACD and RSI support the positive side movements in STI. RSI is looking over bought, but taking support from level of 70, it closed on 71.76, so STI may continue the rally. MACD also closed above the signal line, positive biasness can be seen technically.