8:34 PM
Admin
Market Review:
It was an important day for Singapore Stock Markets as announced its
Yearly Budget for Fiscal Year 2013-14.
Singapore share prices opened higher at day
high at 3297.57 and then it fell down and took support at 3287.42 and then traded
in a narrow range of 3287-3295 and finally closed at 3288.76 with gain of 0.63
points up by 0.02%.
Singapore's inflation rate came in lower-than-expected last
month, partly because of a higher base brought about by the Chinese New Year
holidays in January last year. Consumer
Price Index (CPI) in January 2013 rose 3.6 per cent from a year earlier, after
increasing 4.3 per cent on-year in December.
Some 6.02 billion shares, valued at S$1.60
billion were traded. Gainers outnumbered losers 262 to 216.
Market forecast:
Today STI index starts with good mood but due to Budget and
various data’s, STI trading in narrow range and closed with moderate gain.
STI
today formed a candlestick pattern called black
candle which is formed after 3 consecutive indecisive candles. Also STI
breached its up slopping trend line which is bearish sign.
STI
breached its bullish channel and trading below this level so it is time to be
caution, because if STI sustain below this channel so it will be more bearish
and for further up move it should cross the 3315 level.
STI
having immediate support at 3260 level and below this level it can take support
at 3240-3220 will be the support zone for STI.
Resistance:
STI
having immediate Resistance at 3300 and above this level it may take resistance at 3315-3325 levels.
Technical indicators:
Technical
indicators are seems to overbought zone on charts.
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