Singapore Stock Market: Today’s Technical view on STI

Posted: December 4, 2013 in Uncategorized

Singapore share prices opened higher on Wednesday with the Straits Times Index down 11.44 points to 3,176.23. Volume was 42.6 million shares worth S$58.1 million. Losers outnumbered gainers 67 to 35. It’s rose by noon with the Straits Times Index down 3.81 points to 3,183.86. Volume was 630.4 million shares worth S$316.9 million. Losers outnumbered gainers 199 to 81.

Market Review:
Singapore equities open flat and closed in negative numbers.
Singapore shares open @3181.90 levels which is lowest level of the day and then STI took support at this level and made day high @ 3197.09 and finally closed @ 3187.67 with loss of 1.090 points down by 0.03%.
Some 1.39 billion shares, valued at S$851.7 million were traded. Gainers numbered 166 while losers numbered 237.

STRAITS TIME LEVELS
Support 1 3160
Support 2 3145
Support 3 3125
Resistance 1 3205
Resistance 2 3215
Resistance 3 3235

Market forecast: 
STI took support at its up slopping trend line, which made by higher lows and STI closed with good gain. Also STI closed above its 50 & 200 day MA level.
As we mention in our weekly report that STI trading within a symmetrical triangle and also maintain itself to be within a formation so we can expect some recovery if it will maintain the same.
STI trading at support levels and taking halt @ 3162-3165 levels, so we can consider this level as a multiple support zone.

Support:
STI having immediate support @ 3160 level and below this level it can take support @3145-3125 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3205 and above this level it may take resistance @ 3215-3235
Technical indicators:
Technical indicators MACD, RSI and CCI are turning from lower.

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