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STI - Weekly Forecast 22-26 Oct 2012
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Publish date: Mon, 22 Oct 2012, 12:03 PM
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STI is moving with its 50 DMA and closed below it. It is expected to continue range bound move with negative biasness toward its nearest support level of 3000.
If STI continues to sustain below 3067 then further negative side move may be seen in it. Also on weekly chart it made a small bullish candle with very little real body and considerable shadows, which supports indecision in near term.
Though break of resistance level at 3067, it may move up to test 3085.
Support
STI having strong support @ 3000 and below this level 2975-2945 will be the major support zone for coming week.
Resistance
STI having nearest resistance @ 3067 level, above this level 3085-3115 will be the major Resistance for market.
Technical Indicators
Technical Indicator RSI is trading above its center-line of 50 i.e. @ 56.49, if it could not sustain at current levels then correction may continue. MACD is also converging towards negative side.
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