Singapore Market: STI Weekly Technical Analysis ( 9th – 13th Dec )

Posted: December 6, 2013 in Uncategorized
Tags: , , , , , ,
Support 1 Support 2 Support 3 Resistance 1 Resistance 2 Resistance 3
3095
3065
3035
3160
3195
3235
STRAIT TIMES WEEKLY WRAP
OPEN
3177.87
HIGH
3197.09
LOW
3098.80
CLOSE
3114.17
CHANGE (In Points)
-62.17
% CHANGE
-1.96%
Weekly Technical view on STI
Weekly wrap of STI:
 Week starts on positive node but after some range bound movement, Index crossed its support level and fell badly below its 3 month lower level Singapore underperforming the region as fears over a possible reduction in the U.S. Federal Reserve’s stimulus dented the sentiment and U.S. job data.
Week starts @3177.87 and then it recovers some point and made week high @ 3197.09 and it faced resistance at that level and fell badly breaching all the support level and made week low below 3100 @ 3098.80 and finally closed @ 3114.17 with loss of 62.17 points down by 1.96% wow basis.
Market Forecast for week ahead:
  • STI closed below its 3 months lower level after making low below 3100 mark. On the weekly graph STI traded below 50 week MA level.
  • STI given breakout from its technical pattern called symmetrical triangle and closed below this, as it was taking support its 3160 mark since long and now it traded below this level which is bearish.
  • STI crossed its 3100 mark, but closed above 3100, for the coming days if STI maintain above 3160 mark then it can be recover.
STI Resistance:
  • STI having Resistance @ 3160 and above this level it may take resistance from 3195-3235 levels.
STI Support:
  • STI having nearest support @ 3095 below this 3065-3035 will be the support area for market.
 Technical Indicators:
  • Technical indicators are in downtrend .MACD, RSI and CCI all are in down territory.
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