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STI Singapore Technical Outlook for 05-Feb 2013
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Publish date: Mon, 04 Feb 2013, 08:18 PM
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Market Wrap
Singapore's benchmark index hit a 5 -year high with local banks, ahead of their earnings reports, among the top gainers.
Singapore share prices opened higher above the 3300 mark @ 3307.14 and then it made its 5 year high @ 3319.19 but after that it traded in a range and in 2nd half trading it fell below 3300 mark and made low of 3294.34 and finally closed @ 3297.37 with gain of 6.23 points up by 0.19%.
Some 3.36 billion shares, valued at S$1.74 billion were traded. Losers outnumbered gainers 279 to 257.
Market forecast:
Today STI made its 5 year high level @ 3319.19 and crossed awaited 3300 mark. But closed below this mark @ 3294.34 levels.
STI trading in an uptrend rising channel and also above its 61.8% retracement level, as we previously mention that it has an immediate resistance level @ 3315 and today STI crossed this level but not sustaining this. So for coming days if it will sustain 3315 level than we can see more upwards.
STI having support @ its previous resistance level i.e. 3240 mark which is the lower level of channel and if STI crossed this level then we can see lower levels and 3220-3195 will act as a major support zone for STI.
Support:
STI having immediate support @ 3280 level and below this level it can take support @3260-3240 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3315 and above this level it may take resistance @ 3350-3380 levels.
Technical indicators:
Technical indicators are seems to overbought zone on charts.
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