SGX Singapore Stocks & Forex Live Picks
Singapore Stock Market Outlook 07-Aug
Your Advisor
Publish date: Tue, 06 Aug 2013, 09:15 PM
Your Advisor
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Market Reviews:
STI
market opens flat and traded higher but can't hold the same
momentum and closed down.
Today
STI opens flat @ 3236.19 and then suddenly goes up and made day high
@ 3247.85. But cant able to sustain the higher levels and fell down,
took support @ 3212.85 and finally closed @ 3224.89 with loss of
16.90 points down by 0.52%.
Some
2.02 billion shares, valued at S$1.09 billion were traded. Gainers
numbered 195 while losers numbered 265.
Market
forecast:
STI
trading below its up slopping supports line; today STI fell below
3220 level and took support just near to 3210 mark.
STI
fell below the 50 day EMA level of 3231 today and closed well below
this level, so we can expect more down side movement in STI from this
level.
As we can
see on daily chart STI formed a pattern which replicate like rising
wedge and as per the pattern if STI maintain above its up sloping
resistance line i.e. 3270 mark then we can see more upside move in
the Index, and for other side if STI breached its up sloping support
line @ 3230 mark then next support will come @ 3180 level and after
that we can see bearish move in market.
Support:
STI having
immediate support @ 3205 level and below this level it can take
support @3180-3160 will be the support zone for STI.
Resistance:
STI having
immediate Resistance @3230 and above this level it may take
resistance @ 3250-3280 levels.
Technical
indicators:
Technical
indicators MACD turn to bearish , its
14-day RSI is in turning mode and closed @ 50 and CCI recovers again
and trading @ -33.85
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