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STI Singapore Stock Market Forecast 16 May
Your Advisor
Publish date: Wed, 15 May 2013, 08:38 PM
Your Advisor
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Market Reviews:
Singapore
shares opened higher with other Asian peers as with the tumbling yen pushing
Japanese stocks to a fresh multi-year high as improving confidence in
the US economy boosted prospects for regional exporters.
STI
opens with good gap @ 3446.63 and then made day high @ 3451.040 and
after making high it turns and made day low @ 3435.01 and finally
closed @ 3441.53 with gain of 8.77 points up by 0.26%.
Some
2.42 billion shares, valued at S$1.58 billion were traded. Gainers
outnumbered losers 259 to 197.
After
two days, today STI again made new high and closed with gain from
last day but closed below from opening level.
As
we explained previously that STI formed a technical pattern called f
"Ascending Triangle". And after breaking out it retraced almost
3% from 3320 level so we think it well consolidate at this level and
after that break next level.
over
all its 3rd
day where STI closed lower from its opening level which shows that
bears are holding the power and taking market at lower side.
Support:
STI having
immediate support @ 3425 level and below this level it can take
support @3400-3380 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3450 and above this level it may take
resistance @ 3470-3500 levels.
Technical
indicators:
Technical
indicators MACD, RSI trading above centreline @ 60.431 are in
positive mode and CCI currently traded @ + 106.01 levels.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3425 | 3400 | 3380 | 3450 | 3470 | 3500 |
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