Singapore Stock Market Forecast - 24 Jan 2013

Market forecast:

Singapore share prices ended 0.4% higher on Wednesday as investors turned bullish on Asia's economic outlook after the Bank of Japan had pledged the previous day to continue its asset-buying program.

STI made High of 3235 levels and faced resistance at this level as previously, STI trading near its recent high of 3237 levels and struggling to cross this level.

As STI on its high, so we are expecting some consolidation move in STI. So if STI will not able to cross its 3240 levels than it can move one again lower levels and can touch 3150 levels.

Support:

STI having immediate support @ 3210 level and below this level it can take support @ 3185-3165 will be the support zone for STI.

Resistance:

STI having immediate Resistance @ 3240 and above this level it may take resistance @ 3260-3280 levels.

Technical indicators:

Technical indicators are seem to overbought zone on charts.