STI Singapore Technical Outlook 19-Feb

Market Review:

Singapore shares opened higher on Monday with the Straits Times Index up 7.05 points to 3,290.12.Gainers beat losers 130 to 51.

Singapore share prices opened higher and then made a high of 3290.62 and then traded in a narrow range and made day low at 3279.98 and finally closed with gain of 5.070 points up by 0.15% at 3288.140.

Some 4.48 billion shares, valued at S$1.32 billion were traded. Losers outnumbered gainers 246 to 245.

Market forecast:

STI fell for its 3^rd continuous day after Chinese New Year holidays and today is new trading week, where STI opens higher.  

However STI retrace some points from its recent high, but overall it’s looking bullish on chart. As STI trading between the 61.8% to 78.6% retracement level. So technically it’s good if STI will retrace some points because for further move its will help.

STI having support at 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.

ST Technical Support:

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.

STI Technical Resistance:

STI having immediate Resistance at 3290 and above this level it may take resistance at 3305-3320 levels.

Technical indicators:

Technical indicators are seems to overbought zone on charts.