Friday, January 25, 2013

Straits Times Index - Weekly Forecast for 28Jan to 01Feb


Market Forecast for week ahead:
  • STI itself maintain above the 3200 mark and able to breached its 2 year high on the closing basis. It is a bullish sign for coming days.
  • As STI trading above its 61.8% retracement level and having intermediate Resistance level @ 3270 mark so it made today 3269 level high, now we are looking further uptrend in the STI and can touch the 3380 levels soon which is 78.6% retracement for STI.
  • For the coming week STI look volatile, because it is trading above the last 2 years higher level of 3200 ,so can face some pressure to maintain above this level and if hold itself above this than we can see the 3380 mark soon.
STI Resistance:
  • STI having Resistance @ 3285 and above this level it may take resistance from 3310-3350 levels.
STI Support:
  • STI having nearest support @ 3220 below this 3195-3150 will be the support area for market.
Technical Indicators
Technical indicators give the impression of being in overbought zone. MACD gives bullish cross over and RSI move above its centreline area @ 70.56.

 
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