Wednesday, January 9, 2013
8:23 PM Admin
After two days of losing streak STI today took support near the 3200 mark and closed just above the resistance level of 3220.
As we yesterday mention in our report that “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” , but STI took support on that support line and closed well above that level.
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. Technical indicators are seem to overbought zone on charts.
STI Support Levels
STI having immediate support @ 3200 level and below this level it can take support @3180-3150 will be the support zone for STI.
STI Resistance Levels
STI having immediate Resistance @3240 and above this level it may take resistance @ 3260-3280 levels.