Wednesday, December 19, 2012

Straits Times Index, Market Outlook 20-Dec

SUPPORT 1
SUPPORT 2
SUPPORT 3
RESISTANCE 1
RESISTANCE 2
RESISTANCE 3
3140
3120
3095
3180
3200
3220

Market forecast:
Today STI made a new 52 week high of 3177.10, but cant able to crossed immediate resistance of 3180 mark.

Today STI formed a candlestick pattern called a long upper shadow, this pattern indicates that the Bulls controlled the ball for part of the game, but lost control by the end and the Bears made an impressive comeback.

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.

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

Resistance:
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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