Tuesday, December 11, 2012

STI Market Outlook for Today 11-Dec

SUPPORT 1
SUPPORT 2
SUPPORT 3
RESISTANCE 1
RESISTANCE 2
RESISTANCE 3
3095
3065
3035
3140
3170
3200

Market forecast:
Week starts with positive node and closed also above the previous resistance level of 3110, if STI maintain itself above this level then we can see further upward move in the market.

Today STI formed a candlestick pattern which is having a long upper shadow and small body without lower shadow, which denotes that bears were heavy on bulls and pressurize the market to close on lower levels.

STI facing strong Resistance its 3140 levels it’s not easy for STI to crossed its very quickly and also the last week rally one of the reason for halt. Last week STI traded in a straight upward direction which is the reason of cautiousness in investors.

STI is in bullish phrase as it is trading above the resistance levels and if it will maintain above the 3095 mark it can move further upside.

Technical Support Levels:
STI having nearest support @ 3140 level and below this level it can take support @3170-3200 will be the support zone for STI.

Technical Resistance Level:
STI having Resistance @3095 and above this level it may take resistance @ 3065-3035 levels.

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

 
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