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Singapore Straits Times Weekly Outlook 18-22 Feb
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Publish date: Fri, 15 Feb 2013, 08:30 PM
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Weekly wrap of STI:
It was a truncate week due to Chinese New Year, there were only 3 trading sessions and STI try to cross its recent high but fails to do so.
STI opens @3285.76 and then on the same day it made a high of 3304.87 but can't able to sustain that level and slips below 3300 mark and made week low @ 3273.95 and finally closed @ 3283.07 with gain of 12.77 points up by 0.38% wow basis.
Economic data:
Sales of new private homes in Singapore jumped by about 42 % on-month in January 2013, despite the latest round of cooling measures introduced last month.
Singapore's retail sales dipped 1.5 % in December compared to the previous year - dragged by lower sales in telecommunication and computer items.
Market Forecast for week ahead:
STI itself maintain above the 3250 mark, but trading in a very narrow range in this week but able to closed above the 3280 mark.
As STI trading above its 61.8% retracement level and heading towards the 78.6% mark, in between STI having immediate resistance levels after breaching these levels STI can move towards the next level.
Now festival session is over and we can see fare move in the market from next week, above 3300 mark STI looks good and on the other side 3250 will act major support area for STI.
STI Resistance:
STI having Resistance @ 3315 and above this level it may take resistance from 3345-3385 levels.
STI Support:
STI having nearest support @ 3260 below this 3240-3220 will be the support area for market.
Technical Indicators:
Technical indicators give the impression of being in overbought zone .MACD gives bullish cross over and RSI rebound from high and trading @ 69.534 mark.
Support
1
|
Support
2
|
Support
3
|
Resistance
1
|
Resistance
2
|
Resistance
3
|
3260
|
3240
|
3220
|
3315
|
3345
|
3385
|
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