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Wednesday, January 16, 2013

Sti Singapore - Technical Outlook for 17-Jan

Market forecast:
Today STI suddenly fell and took support near the 3160 mark and closed above the 3200 mark with gain from the previous day.

STI previously trading in a channel called bullish channel from the last 3 trading session it traded below the channel and looking more bearish and can took support @ 3150-3140 levels in coming days.

STI now crossed this channel and traded below this level which will be the cause of more bearishness in the market. If STI will able to move above the upper level of channel than it will move further upside.

STI having immediate support @ 3180 level and below this level it can take support @3150-3130 will be the support zone for STI.

STI having immediate Resistance @3215 and above this level it may take resistance @ 3230-3245 levels.

Technical indicators:
Technical indicators are seems to overbought zone on charts.

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