SGX
LIVE MARKET REVIEW Of Wednesday:
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Singapore shares recorded their 6 straight day of gains today as they
seem to be defying gravity, with traders enjoying another upbeat
session.
''
Singapore opens and made day high in the early trades of 2964.61 and
trades range bound and finally closed @ 2948.77 with moderate gain of
3.44 up by 0.12%
''
Singapore equities broke through a key resistance level of 2,960 this
morning although it slipped back down to end the day at 2,948.8.
MARKET
FORECAST For Thursday:
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STI opens above 2945 levels and maintain itself above this level and
closed @ day open @ 2948.77 levels, which is good for coming days.
''
As we previously mention in our report that technically STI looks
bullish above 2910 levels and if maintain these 2945 level than this
time we expect to breached its 3035 level soon.
''
STI formed a candlestick pattern a shooting star occurred it has a
small real body near the bottom of the candle and a long upper
shadow. During an uptrend which appears to be the case with STI, the
long upper shadow indicates that the bears are gaining control and a
top may occur.
SUPPORT:
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STI having nearest support @ 2915 level and below this level it can
take support @ 2900-2885 will be the support zone for STI.
RESISTANCE:
''
STI having Resistance @2965 and above this level it may take
resistance @ 2985-3000 levels.
TECHNICAL
INDICATOR:
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Technical indicator MACD bullish on charts as it given bullish
crossover, stochastic and RSI also showing bullishness on the charts.