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STI Market Technical Outlook 20-June 2013
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Publish date: Wed, 19 Jun 2013, 08:46 PM
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Market Reviews:
Singapore
shares drifted lower, snapping three consecutive sessions of gains,
with investors waiting for more clarity on the U.S. Federal Reserve's
next policy step.
STI
opens flat @ 3225.67 and made day high @ 3235.09 and faced resistance
at that level and fell down, made day low @3208.52 level and finally
closed @3213.79 with loss of 15.76 down by 0.49%.Some
1.85 billion shares, valued at S$1.25 billion were traded. Losers
outnumbered gainers 260 to 164.
The
Singapore market's average 12-month forward PE (price-earnings) at
3,287 and the 50 % retracement level also around that level, we see
short-term resistance there.
Market
forecast:
After
5 days of winning strike today STI again closed lower but above 3200
mark, STI faced resistance@ 3235 mark today and didn't able to
crossed 3250.
After
5 days of up move today STI formed a candlestick pattern called
Tweezers top Harami pattern,
this pattern consists of two candlesticks. The
first candlestick in this pattern should be a bullish candlestick
with a large real body followed by a bearish candlestick with a short
real body. The two candlesticks must have either the same high or
their real bodies should be at the same high level. The pattern is
more reliable when seen in the context of the broader price chart
with the pattern appearing at market highs, or
near resistance or trend
lines.
As
we previously mentioned that STI can be bullish above 3250 mark
because it is a up sloping trend line which were acted as a major
support level, so now it will act as a resistance level for STI.
Support:
STI having
immediate support @ 3210 level and below this level it can take
support @3180-3160 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3250 and above this level it may take
resistance @ 3280-3305 levels.
Technical
indicators:
Technical
indicators MACD is looking to give bullish crossover, its
14-day RSI closed above 30 trading @ 40.794 and CCI recovered some
points and trading @ -36.357.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3210 | 3180 | 3160 | 3250 | 3280 | 3305 |
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