8:28 PM
Admin
Market Reviews:
Singapore
equity markets rallied Thursday, following big gains on Wall Street,
as dealers took a downward revision of US economic growth as a sign
the Federal Reserve will not reel in its stimulus programme any time
soon.
STI
opens with good gap up @ 3133.94 and then gain some more some more
points and made day high @3152.79. But faced resistance at that
level and fell down still not able to fill the gap and took support
@ 3121.92 and finally closed with gain of 13.63 points up by 0.44%.
Some
1.93 billion shares, valued at S$1.35 billion were traded. Gainers
outnumbered losers 202 to 179.
Market
forecast:
Today
STI opens with gap and crossed resistance level of 3150, but can’t
able to sustain that level and closed lower.
STI
formed a candlestick pattern looking like inverted hammer as market
opens up and closed lower than its opening, so the upper shadow is
visible here and lower shadow is not showing.
This
candle shows that bull were in power in opening session but slowly
bears hold the power and drift down the index but finally closed with
some gain from previous days closing.
As
STI trading above 3100 mark so with today’s move now STI looks
bullish and can gain further but as we previously mentioned that STI
can be bullish above 3250 mark because it is an up sloping trend line
which was acted as a major support level, so now it will act as a
resistance level for STI.
Support:
STI having
immediate support @ 3095 level and below this level it can take
support @3080-3060 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3135 and above this level it may take
resistance @ 3150-3180 levels.
Technical
indicators:
Technical
indicators MACD turn to bearish , its
14-day RSI fell and closed near to over sold level of 30 trading @
35.674 and CCI recovers again and trading @ -63.115.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3095 | 3080 | 3060 | 3135 | 3150 | 3180 |
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