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STI Singapore Market Outlook for 31-May 2013
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Publish date: Thu, 30 May 2013, 08:35 PM
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Market Reviews:
It is a 2nd continuous day where STI index fell badly, STI fell below its major support levels and closed with loss of almost 1%.
STI opens with gap @ 3360.08 levels and just made day high @ 3361.50 level and as it opens below support level @ 78.6% retracement level of 3366, so it fell continuously and made day low @ 3303.11 and finally took support at this level and closed with loss of 31.46 points @ 3336.01, down by 0.93%.Some 4.25 billion shares, valued at S$2.29 billion were traded. Losers outnumbered gainers 321 to 142.
Singapore shares fell for a 2nd day to their lowest in 5 weeks, led by drops in interest-rate sensitive such as property stocks, as concerns about a potential rollback of the U.S. Federal Reserve's stimulus programme weighed on the region..
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| STI Technical Chart - Intraday |
Market forecast:
In last 2 days Singapore shares lose its 100 points and traded below its major support zone. This week was bad for bulls.
STI fell below its 78.6% retracement level today, open with gap below this level and traded in down trend whole day.
Today STI formed a long black candlestick called "Falling window "a gap or called window between the low of the 1st candle and high of the 2nd candle. Falling window is a bearish formation. It defines a resistance zone. If future candles do not close in the resistance zone especially above the critical resistance line then this bearish effect remains valid.
STI still looks sideways because STI trading below 78.6% retracement level which is higher for any index at this point we expect some side ways to downwards.
STI Intraday Support Levels:
STI having immediate support @ 3320 level and below this level it can take support @3295-3265 will be the support zone for STI.
STI Intraday Resistance levels:
STI having immediate Resistance @3365 and above this level it may take resistance @ 3385-3405 levels.
Technical indicators:
Technical indicators MACD, RSI trading below centreline @ 38.68, CCI currently traded @ -193.07 levels.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3320 | 3295 | 3265 | 3365 | 3385 | 3405 |
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