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Thursday, November 29, 2012

STI Market Outlook For Today 29-Nov 2012

STI Technical Levels

Resistance 1 : 3025

Resistance 2 : 3040

Resistance 3 : 3060

Support 1 : 2995

Support 2 : 2960

Support 3 : 2940

STI shed its 7 days straight up trend and closed in negative but above the 3000 mark which is good. STI having a good support @ 2995 levels.

STI faced resistance @ its 61.8% retracement level and today make lower high then yesterday; also formed a candlestick looking like An Umbrella is a type of a Doji characterized with no upper shadow but a long lower shadow. The long lower shadow shows the evidence for buying pressure, but the position of low price indicates that plenty of sellers still are around. Umbrella is interpreted as a reversal pattern.

STI trading above 3000 mark today which is good recovery sign, if it will sustain above this level then shortly will see more upside trading in STI.

STI Support Level
STI having nearest support @ 2995 level and below this level it can take support @ 2960-2940 will be the support zone for STI.

STI Resistance Level 
STI having Resistance @3025 and above this level it may take resistance @ 3040-3060 levels. 

Technical Indicators
Technical indicators are seems to recover from lower levels on charts.

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