Tuesday, January 22, 2013

Straits Times Index - Intraday Outlook for 23-Jan

Market forecast:
Singapore equities open flat and also trading in a same as yesterday open and then made day low and took support near the 3210 levels and recovers and made almost same high and closed below yesterday’s close.

STI facing resistance @ its 3225-3235 levels as it is trading on the higher levels and we expect that it could be in consolidation phrase for some time.

As in the last week STI traded below the bullish channel and look to be more bearish below 3150 , but it took support near 3150 @ 3160 mark. Now it’s looking like to break Resistance level of 3240 soon.

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 @3230 and above this level it may take resistance @ 3250-3280 levels.

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


 
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