Singapore Stock Exchange
Technical Report on STI: 8th Oct 2013
Alex Gray
Publish date: Mon, 07 Oct 2013, 08:21 PM
Alex Gray
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Straits Time
Market Review: STI traded in down trend on 1stday of the week and closed in red.
Figure: 1, Period: Daily
Technical view on STI
| STRAITS TIME LEVELS | |
| Support 1 | 3130 |
| Support 2 | 3110 |
| Support 3 | 3090 |
| Resistance 1 | 3150 |
| Resistance 2 | 3165 |
| Resistance 3 | 3185 |
STI opens with gap up @ 3146.05, after opening up it made day high@ 3147.48 and faced resistance at that level and trading in down trend after opening higher, finally took support @ 3132.64 and closed for the day at 3136.59 with loss of 1.49 points down by 0.05%.
Volume was 4,074.9 million shares worth 1030.6 million.Losers outnumbered gainers 401 to 106.
Market forecast: If we see in the daily graph it looks like that STI taking support at 3130 levels, as today and in previous session it took support at 3131 & 3132 respectively. But STI closed ear the lower level which is a point of concern.
STI formed candles pattern called "tweezers bottom", this candlestick occurs during a downtrend when bears continue to take prices lower, usually closing the day near the lows (a bearish sign). Nevertheless, Day 2 is completely opposite because prices open and go nowhere but upwards. This bullish advance on Day 2 sometimes eliminates all losses from the previous day.
Support:
STI having immediate support @ 3130 level and below this level it can take support @3110-3090 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3150 and above this level it may take resistance @ 3165-3185
Technical indicators:
Technical indicators MACD, RSI and CCI all are seem to losing its trend.
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