Thursday, May 17, 2012
8:52 PM Your Advisor
Today's STI Review
STI continued its negative rally today also and closed on negative sentiment. Straits Times Index fell 0.3 percent to 2,822.61 at the close.
About three stocks declined for each two that gained. The Straits Times Index was up 0.5 percent in the first half and was showing recovery, after falling 1.6 percent on Wednesday. But later it continued the negative trend and fell below yesterday’s low. Finally STI closed at 2822.61 with the loss of 8.54 points down by 0.30%.
STI for Tomorrow
STI is continuously beaching its support levels and giving closing below these levels. Technically, STI is falling below its 200DMA lying at 2835 and has given closing below it.
Also STI has formed a small hammer on candlestick pattern, as the closing point equals the day low; which indicates downfall may continue in short term.
In near term it is taking support of 2810 levels and may continue the rally till this level, also a fall below 2810 level, 2795 is a good technical support for STI.
Support for STI Tomorrow
STI having nearest support @ 2810 and below this level it can take support @ 2795 levels and 2755 is the major support level.
Resistance for STI Tomorrow
STI having Resistance @ 2836 and above this level it may take resistance from 2850-2885 levels.
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