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Straits Times Index - Weekly Outlook for Next Week 25-29 March
Your Advisor
Publish date: Fri, 22 Mar 2013, 08:47 PM
Your Advisor
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It's a 2nd week where STI closed lower and currently traded @ lower level , took support for week @ 3248 level as previous, if crossed this level then it will be more bearish.
STI formed a candlestick pattern called "High Wave" is a type of candlestick characterized with either a very long upper or a lower shadow. It has only a short real body. A group of these patterns may signal a market turn. As STI took support @ 3248 levels so it may be turn from here but also on the other side if it will cross below this so bears will take charge.
STI trading in a down slopping channel and trading towards lowers level, also having strong support @ 3240-3220 levels if cross this level then it will move towards down side. On the other side for upward direction it would trade above 3320 mark.
STI Resistance:
STI having Resistance @ 3300 and above this level it may take resistance from 3320-3335 levels.
STI Support:
STI having nearest support @ 3240 below this 3220-3190 will be the support area for market.
Technical Indicators:
Technical indicators are giving bearish impression.MACD seems to give bearish crossover.RSI trading above its centreline @ 62.487 and CCI also turning down and trading at 58.432.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3240 | 3220 | 3190 | 330 | 3320 | 3335 |
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