Thursday, January 10, 2013
8:19 PM Admin
After taking support near the 3200 level STI reported gain for the 2nd consecutive day and again touch the Resistance level of 3235.
As we previously mention in our report that in the strait upward rally after taking support @ 2931.60 STI made a channel called bullish channel. For the coming days this channel will act the major trading zone for STI. If STI will able to move above the upper level of channel than it will move further upside.
STI is in bullish phrase as it is trading above the resistance levels and if it will maintain above the 3150 mark it can move further upside.
STI having immediate support @ 3200 level and below this level it can take support @3180-3150 will be the support zone for STI.
STI having immediate Resistance @3240 and above this level it may take resistance @ 3260-3280 levels.
Technical indicators are seem to overbought zone on charts.