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After 3
weeks of uptrend, STI closed lower this week. But the positive thing
it was maintain itself above 32oo mark.
STI
formed a candlestick pattern called The "Tweezer
Top" is a moderately reliable, bearish, reversal candlestick
formation consisting of two candles that are generally seen at the
end of an uptrend. The first candlestick in the pattern is a rising
white candle, while the second candlestick is a declining black
candle. The Tweezer Top generally establishes a line of
resistance at the high point of a weakening up trend and is often an
indication the market is headed lower.
If STI
maintain above 3200 mark and breached its previous 2 weeks high then
we expect upward in Index and if it will crossed 3180 and maintain
below then bear will take charge in market.
STI
Resistance:
STI
having Resistance @ 3235 and above this level it may take resistance
from 3265-3295 levels.
STI
Support:
STI
having nearest support @ 3180 below this 3140-3120 will be the
support area for market.
Technical
Indicators:
Technical
indicators are giving positive impression.
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