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Singapore Stock Market Weekly Forecast 15-19 July

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Publish date: Fri, 12 Jul 2013, 09:00 PM
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Weekly wrap of STI: 
Singapore stock markets edged higher in light volume .STI gains this week more than 5 weeks high, after dovish comments from Federal Reserve chairman Ben Bernanke on the U.S. stimulus.

STI opens with good gap @3161.95 then it made weekly low of 3132.07 and after taking support at this level STI crossed its major resistance zone of 3258.21, and finally closed @ 3236.06 levels with gain of 66.33 points up by  2.04% wow basis.

Market Forecast for week ahead: 
It's a 3rd week where STI continue its recovery and gain. STI closed above 3200 mark and breached their 3250 resistance levels which were crucial mark for Index.

On a daily chart STI formed an inverted pennant pattern also crossed and maintain above resistance of 3220 and closed well above this level.

If STI breached almost 5 week high level and this is good sign for coming week, now we can expect more upward in STI.

STI Resistance:
STI having Resistance @ 3265 and above this level it may take resistance from 3295-3320 levels.

STI Support:
STI having nearest support @ 3210 below this 3195-3160 will be the support area for market.

Technical Indicators:
Technical indicators are giving positive impression.

Support 1Support 2Support 3Resistance 1Resistance 2Resistance 3
321031953165326532953320

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