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Straits Times Index - Intraday Outlook for 13 March
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Publish date: Tue, 12 Mar 2013, 08:39 PM
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Market forecast:
STI closed its 5 week higher level above 3300 mark @ 3303.02, which is good for coming days as STI breach the resistance level.
Today STI cross its 3300 mark after struggling at this level and crossed resistance of 3315 level but cant able to cross the high.
STI formed a candlestick pattern called "shooting star" The Shooting Star simply tells us that the market opened near its low, then prices strongly rallied up and finally prices moved down to close near the opening price. In other words, the rally of the day was not sustained.
Support:
STI having immediate support @ 3280 level and below this level it can take support @3265-3250 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3320 and above this level it may take resistance @ 3335-3350 levels.
Technical indicators:
Technical indicators MACD, RSI and CCI all are in recovery mode with today's move. As we can see in the chart, RSI trading above its centreline @ 59.44 and CCI also crossed its +100 level and closed @ 115.420 which is bullish signal and MACD too about to give bullish crossover.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3280 | 3265 | 3250 | 3320 | 3335 | 3350 |
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