|
STI Weekly Chart |
Market
Forecast for week ahead:
As we
previously mention that STI trading well above its 78.6% retracement
level i.e. 3373.23 marks, but in this week STI took support near to
this level @ 3382.82 mark so for coming days 3373.23 mark will act
as a major support area on the other side above this level next
milestone comes @ 3908 mark which is far away from current level.
Between this we can see long consolidation phrase as well.
STI
formed a candlestick pattern called "Black Engulfing" is
characterized by a large black body engulfing a preceding smaller
white body, which appears during an uptrend. The black body does not
necessarily engulf the shadows of the white body but totally engulfs
the body itself. This is an important top reversal signal.
While the market is
characterized by a definite uptrend, lower volume of buying is
observed with the occurrence of a white body on the first day. The
next day, the market opens at new highs. It looks as if there's
going to be more bullish trading, however the uptrend loses momentum
and the bears take the lead during the day. The selling pressure
overcomes buying and finally the market closes below the open of the
previous day. The uptrend is damaged.
STI
Resistance:
STI
Support:
Technical
Indicators:
Technical
indicators are giving Bearish impression, MACD give its bearish
crossover, RSI trading return from 77.56 level to 66.76and CCI also
turning from high level to 156.91.
Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
3360 | 3320 | 3290 | 3440 | 3470 | 3500 |