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Straits Times Index - Technical Outlook for 19 March
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Publish date: Mon, 18 Mar 2013, 08:37 PM
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Market Review:
Singapore
shares weaker on today, following Asian peers as nervous investors
shifted to safer heavens after a radical bailout plan for Cyprus
dented the appetite for risk assets globally.
STI
opens with loss of 24.89 points @ 3261.16 and then it made day high @
3269.33 and fell from that level, took support @ 3252.68 and finally
closed @ 3256.47 with loss of 29.58 down by 0.90%.on a volume of 2.8
billion shares. There were 119 gainers against 270 losers by the
close of dealings.
Singapore's
non-oil domestic exports (NODX) fell 30.6 % year-on-year in February
due to a contraction in both electronic and non-electronic exports,
after climbing 0.4 % in January.
STI
cant able to sustains above 3300 mark longer and again fell below
this @ 3300 and today closed @ 3256.47 levels.
STI
formed a candlestick patter called "Falling
Window" which
reflects a bearish gap and thus serves as an area of resistance.
Hence, one should look to sell if an index that gaps down approaches
the fallen window, particularly if the rally is accompanied by below
average volume.
Again
STI trading between the slopping lines, and now it is having support
@ 3250-3220 levels and for higher levels it's necessary for STI to
maintain itself above 3320 mark.
Support:
STI having
immediate support @ 3250 level and below this level it can take
support @3220-3190 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3265 and above this level it may take
resistance @ 3285-3300 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 below its centreline @
45.112 but CCI crossed its -100 level and closed @ 97.80 which is
bearish signal.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3250 | 3220 | 3190 | 3265 | 3285 | 3300 |
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