Monday, October 1, 2012
8:24 PM Unknown
STI Market Forecast - 02-Oct 2012
STI rebound from its technical level of 3040 as it is a 50 day MA level and multiple supports zone in previous move.
STI closed near to its resistance level of 3060 and we expect that it will move up side as it took support @ good level.
STI today formed a candlestick pattern called a hanging man this is a very long lower shadow and a small real body. As STI were in uptrend in last trading days then we consider it called a hanging man line and signifies a reversal top. But as per the trading range of the day looks like that bulls were beat the bears and recovers and closed near the resistance level. So the next day move will be the decisive for STI.
For the coming days 3040 level is the decisive level for STI if it breached this level and sustain below this than we can see southern tone of market. Technical indicators are look to loosing strength on charts.
Intraday Support LevelSTI having nearest support @ 3040 level and below this level it can take support @ 3020-2995 will be the support zone for STI.
Intraday Resistance level
STI having Resistance @3070 and above this level it may take resistance @ 3090-3100 levels.