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Straits Times Index - Technical Outlook for 25 July
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Publish date: Wed, 24 Jul 2013, 08:32 PM
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Market Views:
STI continue the uptrend and closed higher from almost 7 week above 3255 level.
STI opens at same level @ 3251.66 and then it made a day low@3246.65 and recovers from that level.STI made day high @ 3277.55 and then finally closed @ 3274.76 with gain of 21 points up by 0.65%.
Some 3.60 billion shares, valued at S$1.47 billion were traded. Gainers numbered 265 while losers numbered 170.
Market forecast:
STI showing reversal on chart, it took support @ 3065 levels and continuous rallying higher side, today it made its 7 week high mark.
STI forming a chart pattern called inverted H&S on daily chart, however it not supporting all the characteristic of same pattern. Still we can consider this as inverted H&S and this is a reversal pattern so if STI maintain above its neckline which is @ 3270 then it can move higher.
So as per the pattern if STI maintain its 3270 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 @ 3250 level and below this level it can take support @3235-3210 will be the support zone for STI.
Resistance:
STI having immediate Resistance @3290 and above this level it may take resistance @ 3305-3330 levels.
Technical indicators:
Technical indicators MACD turn to bearish , its 14-day RSI is in recovering mode and closed @ 61.85 and CCI recovers again and trading @ 121.78
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