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Singapore Stock Market Forecast for 27-Aug 2013

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Publish date: Tue, 27 Aug 2013, 08:31 PM
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Market Reviews:
Asian stock markets were mixed on Monday, amid on going uncertainty over the timing of the Federal Reserve's widely expected reduction in monthly bond purchases.
The Fed's stimulus program is viewed by many investors as a key driver in boosting the price of global equities.
Today STI opens with gap up @ 3090.36 and then it recovers some points and made day high @ 3109.58. STI faced Resistance at that level and fell below 3100 mark and took support at day low of 3082.56, finally closed @ 3084.41 with loss of 4.44 points down by 0.14%.

Volume was 3.97 billion shares worth S$1.47 billion. Losers outnumbered gainers 248 to 199.

Singapore's manufacturing sector expanded 2.7 % in July compared to a year ago, as the city-state's electronics sector continued to show signs of improvement. Electronics output for July grew 3.5 % year-on-year

Market forecast:
STI continued down trend and closed lower for 7th day, closed below 3100 mark.

STI formed candlesticks that have a long upper shadow and small body with small lower shadow. It shows bearishness in index

We mention in our previous report that STI having support level @3065 mark which lowest mark of pattern which replicate like rising wedge and as per the pattern if STI can go down if it crossed lower level.

Support:
STI having immediate support @ 3050 level and below this level it can take support @ 3035-3010 will be the support zone for STI.

Resistance:
STI having immediate Resistance @3120 and above this level it may take resistance @ 3150-3180 levels.

Technical indicators:

Technical indicators MACD, RSI and CCI all are looking bearish 
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