SGX Singapore Stocks & Forex Live Picks
Singapore Stock Market Forecast for 13-Aug 2013
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Publish date: Mon, 12 Aug 2013, 08:56 PM
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Market Review:
Singapore's share market edged higher on stronger-than-expected second quarter GDP growth and an economic outlook upgrade.
Today STI opens with little gap @ 3227.65 and traded higher side and made day high @ 3244.40 and then fell down from day high and took support above opening level @ 3229. 50. Finally closed @ 3232.24 with gain of 2.33 points up by 0.07%.
Volume was 103.2 million shares worth S$121.7 million. Gainers outnumbered losers 98 to 64.
Market forecast:
STI trading below its up slopping supports line; today STI traded above 3220 level and made day high near the resistance of 3250.
STI traded above the 50 day EMA level of 3231 today and closed just at this level, so we can expect some recovery 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 @3250 and above this level it may take resistance @ 3280-3305 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 @ -20.04
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