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Straits Times Index - Technical Outlook for 22 May

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Publish date: Tue, 21 May 2013, 08:37 PM
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Market Reviews:
Straits Times index opens flat today and closed in negative territory.

STI opens flat 3455.60 and then move only 1 point and made day high @ 3456.99 and then traded in lower level, finally took support @ 3431.38 marks and closed with loss of 10.33 points down by 0.30% @ 3443.90.

Some 2.6 billion shares, valued at S$1.77 billion were traded. Gainers outnumbered losers 230 to 226.

STI Market Intraday Outlook:
From last few days STI trading in a narrow range and closed almost at same level as opening. as STI trading higher level so it was expected a dip in trade. 

Today STI formed a candlestick pattern called bearish Belt Hold. It opens at its high and immediately backs off for the rest of the day. The longer the body of the Belt Hold, the more significant the reversal.

This pattern often signals a reverse in investor sentiment from bullish to bearish. However, the bearish belt hold is not considered very reliable as it occurs frequently and is often incorrect in predicting future share prices. As with any other candlestick charting method, more than two days of trading should be considered when making predictions about trends.

STI Intraday Support Level:
STI having immediate support @ 3425 level and below this level it can take support @3400-3380 will be the support zone for STI.

STI Intraday Resistance Level:
STI having immediate Resistance @3450 and above this level it may take resistance @ 3465-3480 levels.

Technical indicators:
Technical indicators MACD, RSI trading above centreline @ 67.63 are in positive mode and CCI currently traded @ + 74.85 levels.

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