STI SIngapore Market Technical Outlook 26 June 2013

Market Reviews:
Singapore stocks showed little signs of recovery after four days of declines. Straits Times Index shed 0.% to 3,067.3 points, extending a 4 day losing streak which saw the index slump about five 5% to 6 month lows.

STI opens @3069.08 and then recovers some points and made day high @ 3100.20 and again fell down and made day low 3066.41 and finally closed@ 3089.93 with gain of 15.62 up by 0.51%.Some 2.14 billion shares, valued at S$1.64 billion were traded. Losers outnumbered gainers 251 to 191.

Singapore is set to show Asia Pacific's lowest earnings growth rate of 8% for forward 12 months versus an average increase of 17.3 % for the region.

Market forecast:

Today STI traded below 3100, just touched above this number and again traded below 3100 mark. Still closed in green after past negative closing.

STI took support near to 3060 level and from last 3 days it trading in this range. So we can consider this level as a strong support zone for coming days.

As STI trading below 3100 mark so with today’s move now STI looks bearish and can lose 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.

Technical Support Levels:

STI having immediate support @ 3050 level and below this level it can take support @ 3035-3015 will be the support zone for STI.

Technical Resistance Levels:

STI having immediate Resistance @3095 and above this level it may take resistance @ 3120-3150 levels.

Technical indicators:

Technical indicators MACD turn to bearish , its 14-day RSI fell and closed near to oversold level of 30 trading @ 30.22 and CCI fell again and trading @ -121.33.

Support 1	Support 2	Support 3	Resistance 1	Resistance 2	Resistance 3
3050	3035	3015	3095	3120	3150