Tuesday, January 8, 2013
8:25 PM Admin
Asian equity markets traded largely in the red, tracking a somewhat cautious sentiment on Wall Street going into the unofficial start of the Q4 earnings season on Tuesday. STI shares closed lower on profit-taking on Tuesday.
Singapore share prices opened flat @ 3221.86 levels and then traded on lower levels and breached the 3200 mark and finally made a day low below this level @ 3198.38 levels and finally closed above the 3200 mark @ 3205.52 with loss of 12.74 points down by 0.40%. Volume was 5.74 billion shares valued at S$1.73 billion changing hands. In the broader market, losers beat gainers nearly two to one.
Market forecast - 09 Jan 2103
it’s a 2nd consecutive day where the STI traded in the down trend and today it slips below the 3200 mark but maintain itself to closed above the 3200 mark @ 3205.52.
On the daily chart we can see the strait upward rally after taking support @ 2931.60 and made a channel called bullish channel. but on the other side with this sharp upward rally STI now trading in the support level of this bullish channel and if it breached this channel then we can see the sharp downtrend in the STI.
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 @ 3180 level and below this level it can take support @3150-3120 will be the support zone for STI.
STI having immediate Resistance @3220 and above this level it may take resistance @ 3240-3260 levels.
Technical indicators are seems to overbought zone on charts.