Weekly wrap of STI:
STI were struggling to cross its previous week high but can’t able to cross that level and traded in a same range however closed down from opening.
Week starts with higher opening @ 3150.74 levels and then it fell down and made week low at 3115.80 below 3120 support level. After taking support on lower levels it recovers and made high of 3155.89 and then closed at 3147.33 with gain of 3.51 points up by 0.11% wow basis.
Singapore’s non-oil domestic exports (NODX) beat expectations to grow 6 % year-on-year in December, turning around from a revised 8.9 % fall in November to stage its strongest rise in more than a year.
Month-on-month, the NODX also rose a seasonally-adjusted 9.2 % in December, reversing November’s 4.2% contraction. This too, beat the median forecast of 2.8%.
Market Forecast for week ahead:
STI faced tremendous resistance at its 3155 level this week, didn’t crossed this high. Faced selling pressure at higher levels and crossed support level.
STI formed candlestick pattern called Tweezers top, where 2 consecutive candles shares a same level of High and cant able to cross this high. Here in STI faced resistance @ 3153-3155 mark from last 2 weeks and cant able to sustain above this. The Tweezers Top reversal pattern is extremely helpful because it visually indicates a transfer of power and sentiment from the bulls and the bears.
For the coming week we can expect some more upward move if it will maintain above 3155 levels than it could touch 3190-3220 mark and on the other side if STI crossed its 3120 mark then we will see more downside movement.
STI having Resistance @ 3155 and above this level it may take resistance from 3175-3190 levels.
STI having nearest support @ 3120 below this 2995-2965 will be the support area for market.
Technical indicators are in downtrend .MACD, RSI and CCI all are recovering.
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STRAIT TIMES WEEKLY WRAP
|CHANGE (In Points)||+3.51|
Weekly Technical view on STI