Singapore SGX: Technical View on STI

Posted: December 17, 2013 in Uncategorized

Market Review:
Singapore Equities opened with good gap and closed higher than previous days close.
Singapore shares open above resistance level of 3065 @ 3073.07 and then it made day high @ 3077.71 and traded whole day above opening level but end of the day it fell below this mark and closed @ 3067.57 after making day low 3063.38 with gain of 13.80 points down by 0.45%.
Some 2.53 billion shares, valued at S$791.4 million were traded. Gainers numbered 222 while losers numbered 157.

STRAITS TIME LEVELS
Support 1 3040
Support 2 3015
Support 3 2990
Resistance 1 3075
Resistance 2 3095
Resistance 3 3120

Market forecast:
STI again traded in very narrow range but closed with gait opened with good gap. as investors are cautious about upcoming FED meeting.
STI again formed a small candlestick as it was very narrow range trading, but the positive thing is STI closed above resistance level of 3065.
As per the technical outlook of STI, currently it is in bearish trend and also crossed its major support zone 3065. So for further improvement in trend STI need to maintain it self above 3165 mark.
Image
Support:
STI having immediate support @ 3040 level and below this level it can take support @3015-2990 will be the support zone for STI.

Resistance:
STI having immediate Resistance @3075 and above this level it may take resistance @ 3095-3120
 
Technical indicators:
Technical indicators MACD, RSI and CCI are turning lower.

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  1. […] Singapore SGX: Technical View on STI […]

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