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Thursday, February 7, 2013

STI Singapore Market Outlook for Today 07- Feb

Market forecast:
In the beginning of the week STI crossed its 3300 mark but very second day its fell badly and now traded in the range if 3260-3282.

as we mention in our previous report that STI trading in an uptrend rising channel and also above its 61.8% retracement level, and faced Resistance of 3320 levels just above the previous one 3315.

STI having support @ its previous resistance level i.e. 3240 mark which is the lower level of channel and if STI crossed this level then we can see lower levels and 3220-3195 will act as a major support zone for STI.

STI having immediate support @ 3260 level and below this level it can take support @3240-3220 will be the support zone for STI.

STI having immediate Resistance @3285 and above this level it may take resistance @ 3300-3315 levels.

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

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