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STI Singapore Stock Market Outlook 12 July 2013
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Publish date: Thu, 11 Jul 2013, 08:59 PM
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Market Review:
Singapore shares rose for the third day in a row after dovish comments from Federal Reserve chairman Ben Bernanke on the U.S. stimulus.
STI opens with good gap @ 3214.69 and just made a low of 3213.11 marks and traded in uptrend whole day and finally made day high @ 3250.38 closed near to high @ 3248.92 with gain of 60.88 points up by 1.91%. Some 2.05 billion shares, valued at S$1.53 billion were traded. Gainers outnumbered losers 352 to 106.
Straits Times Index rose the highest since June 5. Asian shares, as measured by MSCI Asia-Pacific ex-Japan index, advanced 2.6%.
Market forecast:
STI traded in positive node and made day high @ 3250 which is highest level in 1 month, and above this level STI can move further upside.
STI formed a candlestick pattern called "Rising Window" is a combination of a gap or window and two candlesticks. In Japanese candlesticks, a gap is called a window and occurs when there is a gap between two consecutive candlesticks, including their shadows. It is not a window if the gap is between the real bodies of the two candlesticks, but the shadows touch. The gap must be between the shadows as well. A window can be a rising window, which is bullish.
STI closed well above its resistance line of pattern so we can expect more upwards till 3310.
Support:
STI having immediate support @ 3220 level and below this level it can take support @3200-3180 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3265 and above this level it may take resistance @ 3285-3310 levels.
Technical indicators:
Technical indicators MACD turn to bearish , its 14-day RSI is in recovering mode and closed @ 58.56 and CCI recovers again and trading @ 173.74.
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3220 | 3200 | 3180 | 3265 | 3285 | 3310 |
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