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Tuesday, December 18, 2012

STI Market Outlook for 19-Dec 2012

Market Review:
After 8 straight days uptrend, STI closed lower on for the second day after bullish run.

STI opens 3162.55 levels and then it made a day high of 3172.55, but faced resistance @ this level and then fell down and took support @ 3158.99 levels. Finally closed @ 3156.79 levels with loss of 1.91 points down by 0.06%.Volume were 1.95 billion shares worth S$1.02 billion. Losers outnumbered gainers 260 to 182.

Market forecast:
STI opens above 3160 levels and made a new high of 3172.55, but faced resistance @ this level and fell down. But today it trades in a lower high and higher low pattern.

Today STI formed a candlestick pattern called A shooting star 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.

STI having next hurdle @ 3180-3220 levels, STI trades above its 76.4% retracement level from its all time high of 3313 and low of 2521.95.

STI is in bullish phrase as it is trading above the resistance levels and if it will maintain above the 3110 mark it can move further upside.

STI having immediate support @ 3140 level and below this level it can take support @3120-3095 will be the support zone for STI.

STI having immediate Resistance @3180 and above this level it may take resistance @ 3200-3220 levels.

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

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