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Wednesday, May 16, 2012

Stock To buy in Singapore Stock Market Tomorrow

Today's STI Report
Singapore stocks opened down 16.31 points to 2860.39. Growing fears over what a Greek exit might do to the euro zone mixed in with some weak corporate earnings for Singapore’s biggest counters have build panic.

The STI slid to a near 4 months low today. The local market lost 1.6 % as another day of Greek-inspired carnage enveloped Asia.

Now STI looks technically weak as it dropped below the 2835 levels which is its 200 day Moving average.

SGX Stock for Tomorrow
Today STI crossed its key support level of 2850 and 2835 which was its 200day Moving average and closed just below this level @ 2831.15 with loss of 45.55 points down by 1.60%.

Now STI properly entered in the previous technical pattern flag and also breached it s200 day MA level of 2835.61. Now it looks more bearish and can touch the 2680 mark in coming days.

STI formed a black long candlestick pattern called Black Opening Marubozu is a single candlestick pattern  haracterized by a long black body, a lower shadow and absence of upper shadow. It is a strongly bearish candlestick pattern.

We can see in the chart that support line of flag touched below the 2680 mark and we can expect that STI on that level if future if it crossed its 2835 i.e. its 200 day MA level.

Strait Times Index Support for Tomorrow
STI having nearest support @ 2810 level and below this level it can take support @ 2795 -2760 will be the support zone for STI.

Strait Times Index Resistance for Tomorrow
STI having Resistance @2850 and above this level it may take resistance @ 2875-2895 levels.

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