8:41 PM
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STI Review for the Day
The market rose slightly in opening trade on Thursday following overnight gains in US equity on increased optimism that Greece would avoid a messy default and upbeat global manufacturing data.
Straits Times Index added 18.15 points or 0. 62% to 2,922.91 on the opening and then it comes down and again take a turn but facing resistance @ same point 2925.43 and fell don and closed @ day low of 2901.04 with loss of 3.72 points down by 0.13%.
Volume was 2.99 billion shares worth $1.87 billion. Gainers led losers 369 to 102.
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STI manage to close itself above 2900 mark which is important for the up side trades after yesterdays fall STI opens and trades below 2900 mark most of the day but finally closed above 2900 levels.
STI formed a candlestick pattern called a shooting star occurred it has a small real body near the bottom of the candle and a long upper shadow. During an uptrend which appears to be the case with STI the long upper shadow indicates that the bears are gaining control and a top may occur.
As we mention in our weekly report that above 2910, it's challenging for STI to sustain this level and today STI faced resistance @ that level and slips from there, but took support @ its major support zone of 2880
STI closed above its 200 day MA level of 2887.86 @ 2609.69, now from this level if STI maintain its 2900 mark then it will be bullish some 100-120 points and if not then it will fell till 2700 mark too.
STI Support
STI having nearest support @ 2895 and below this level it can take support @ 2870-2850 level is the major support level.
STI Resistance
STI having Resistance @ 2910 and above this level it may take resistance from 2930-2950 levels.
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