Saturday, June 29, 2013
1:22 PM Admin
Market Forecast for week ahead:
Finally STI take halt from its 5 straight weeks decline and closed above 3150 level, STI took support @ almost same level as previous week @ 3066.41.
STI formed a candlestick pattern called “Bullish Matching Lows” pattern occurs when two days appear with equal closes in a downtrend. Matching Low indicates a bottom has been made, even though the new low was tested and there was no follow through, which is indicative of a good support price.
If STI breached this two week low level of 3065 , than we expect more down fall in STI of more 100 points as on weekly graph STI having one support @ its up slopping trend line which ended @ 3000 mark and below this next support comes @ 2960 level. And if STI maintain above 3150 level so it can be traded above 3250.
STI having Resistance @ 3180 and above this level it may take resistance from 3215-3250 levels.
STI having nearest support @ 3095 below this 3065-3020 will be the support area for market.
Technical indicators are not impressive.