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Straits Times Index - Technical Outlook 04 Jun 2013
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Publish date: Mon, 03 Jun 2013, 08:30 PM
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Market reviews:
Singapore shares fell to their lowest in nearly seven weeks, led by drops in banking stocks which were weighed down by slowing loan growth in April, while concerns about the duration of the U.S. Federal Reserve's stimulus kept market sentiment muted.
STI opens with gap @ 3287.10 levels and made day's low @ 3279.54 and then took support at that level and recovers some point made a high of 3304.07 but again fell down and finally closed @ 3291.080 with loss of 20.29 points down by 0.61%. Some 2.91 billion shares, valued at S$1.66 billion were traded. Losers outnumbered gainers 262 to 188.
Singapore banks are maintaining guidance for mid-single digit to 10 %loan growth for the full year vs. 7 %loan growth for the system YTD (year to date) April 2013. it would be shown lack of near-term positive catalysts for the (banking) sector with margins under pressure and loan growth to slow
Market forecast:
STI dropped its 185.18 points from its recent made high of 3464 mark and after making this high it continuously trading lower side.
STI fell below its rising line since March which took support @ 3234.67, 3264.08, but today it opens below this level and also closed below this which is bearish signal.
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.
Support:
STI having immediate support @ 3260 level and below this level it can take support @3235-3200 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3305 and above this level it may take resistance @ 3335-3365 levels.
Technical indicators:
Technical indicators MACD, RSI trading below centreline @ 32.119, CCI currently traded @ -209 levels.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3260 | 3235 | 3200 | 3305 | 3335 | 3365 |
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