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Singapore Stock Market Forecast for 17-Sept 2013

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Publish date: Mon, 16 Sep 2013, 08:50 PM
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Market Reviews:
STI continue the bullish rally and opens with gap also closed at high of the day.

STI opens @ 3151.40 with gap and just made day low near to opening price i.e 3147.46. Today STI traded in only one direction that too upwards and made day high @ 3181.72 and finally closed @ 3179.48 with gain of 59.18 up by 1.90%.

Some 3.6 billion shares, valued at S$1.72 billion were traded. Gainers numbered 329 while losers numbered 178.

Market forecast:
STI crossed its 3150-3180 level in one day, which was expected to be broken in coming day.STI opens above its tweezers top level i.e. 3136 formed in last week.

STI formed a candlestick pattern called a Rising Window, this pattern formed because of gap up opening .  It occurs when previous day's high is below today's low, leaving a hole on the daily price chart. The pattern appears in a rising price trend, and it acts as a bullish continuation pattern. Rising windows occur often, so you will find them on the charts, but the longer the time scale, the more difficult it is to find one.

Support:
STI having immediate support @ 3150 level and below this level it can take support @3130-3110 will be the support zone for STI.

Resistance:
STI having immediate Resistance @3185 and above this level it may take resistance @ 3205-3235.

Technical indicators:

Technical indicators MACD, RSI and CCI all are looking in recovering mode.
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