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STI Singapore Stock Market Outlook For 02-May
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Publish date: Wed, 01 May 2013, 08:06 PM
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Market Reviews:
Singapore shares rose to their highest in more than 5 years on Tuesday, tracking U.S. stock market which closed at a record high in the previous session. The Straits Times Index rose 0.6 % to 3,382.93, the highest since January 2008.
Market
forecast:
Singapore shares rose to their highest in more than 5 years on Tuesday, tracking U.S. stock market which closed at a record high in the previous session. The Straits Times Index rose 0.6 % to 3,382.93, the highest since January 2008.
Some
2.11 billion shares, valued at S$2.01 billion were traded. Losers
outnumbered gainers 269 to 210.Singapore shares ended higher on
Tuesday with the Straits Times Index gaining 6.26 points to 3,368.18.
Bank
lending in Singapore rose 1.5 % in March from February, Loans and
advances by domestic banking units in the city-state amounted to
S$517.8 billion (US$419.7 billion) last month, up from S$510 billion
in February. From a year earlier, March bank lending rose 19.7%.
Overall
unemployment rate, seasonally adjusted, edged up to 1.9 % in March
2013, from 1.8 % in December 2012.Over the same period, the
unemployment rate for residents rose to 2.9 % from 2.7 %, while the
citizen unemployment rate was unchanged at 2.9 %.
STI
crossed its 78.65% retracement level of 3379.08 but closed with loss
after 5 straight upward trading sessions.
After
taking a big leap of almost 60 points STI faced resistance at 3380
mark and can't able to sustain this level longer and closed lower @
3368.18.
As
we explain in our previous report that STI crossed its resistance
level which is also breakout point of "Ascending Triangle". So
according to this pattern more upward trend is expected.
Support:
STI having
immediate support @ 3350 level and below this level it can take
support @3335-3320 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3380 and above this level it may take
resistance @ 3400-3412 levels.
Technical
indicators:
Technical
indicators MACD, RSI are in recovery mode and CCI currently traded @
+ 229.58 level.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3350 | 3335 | 3320 | 3380 | 3400 | 3412 |
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