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STI Singapore Market Outlook 23-July

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Publish date: Mon, 22 Jul 2013, 08:52 PM
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Market Review: 
Most Southeast Asian markets edged up on Monday, on expectations of strong quarterly results due in major financial centers over the next few weeks. Most other Asian share markets were modestly higher.

STI opens with good gap @ 3223.91, and made day high 3240.36 and then STI faced resistance at that level and fell down and took support @ 3223.60, finally STI closed @ 3234.35 with gain of 21.09 points up by 0.66%.

Some 2.09 billion shares, valued at S$1.11 billion were traded. Gainers numbered 251 while losers numbered 185.

Market forecast:
We can see clear reversal on daily chart. If STI maintain continue uptrend, so it can breached its recent resistance level of 3255.

So as per the pattern if STI crossed its 3250 mark then we can see more upside move in the Index, and for other side if STI breached its 3180 level. Then we can see bearish move in market.

Support:
STI having immediate support @ 3210 level and below this level it can take support @3195-3180 will be the support zone for STI.

Resistance:
STI having immediate Resistance @3255 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 @ 55.73 and CCI recovers again and trading @ 86.06

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