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STI SIngapore Market Outlook 24-July 2013
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Publish date: Tue, 23 Jul 2013, 09:10 PM
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Market Review:
STI continues the same rally today and closed well above resistance level. Singapore's Straits Times index ended firmer at a 7 week closing high, led by banks.
STI opens positive @ 3238.37 and then made day low @ 3231.76 and after taking support at this level it didn't see behind and crossed 3250 resistance mark and made day high @ 3256.69. Finally closed @3253.76 with gain of 19.41 points up by 0.60%.
Some 2.21 billion shares, valued at S$1.42 billion were traded. Gainers numbered 231 while losers numbered 218
Market forecast:As we mention in our previous report about reversal on daily chart and with today's move, it proved. Also STI made almost same high as previous.
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.
So as per the pattern if STI crossed its 3258 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 @ 3220 level and below this level it can take support @3195-3180 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3258 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 @ 58.78 and CCI recovers again and trading @ 101.18
STI continues the same rally today and closed well above resistance level. Singapore's Straits Times index ended firmer at a 7 week closing high, led by banks.
STI opens positive @ 3238.37 and then made day low @ 3231.76 and after taking support at this level it didn't see behind and crossed 3250 resistance mark and made day high @ 3256.69. Finally closed @3253.76 with gain of 19.41 points up by 0.60%.
Some 2.21 billion shares, valued at S$1.42 billion were traded. Gainers numbered 231 while losers numbered 218
Market forecast:As we mention in our previous report about reversal on daily chart and with today's move, it proved. Also STI made almost same high as previous.
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.
So as per the pattern if STI crossed its 3258 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 @ 3220 level and below this level it can take support @3195-3180 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3258 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 @ 58.78 and CCI recovers again and trading @ 101.18
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