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Singapore Share Market Technical Outlook for 19-Sept 2013

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Publish date: Wed, 18 Sep 2013, 09:18 PM
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Market Reviews:
STI continue the bullish rally on opening session , but as most of the Asian stock markets were mostly lower in cautious trade on Wednesday, as investors awaited the outcome of the Federal Reserve's policy meeting later in the session, amid expectations the central bank will start tapering its USD85-billion-a-month bond-buying program.

STI opens @ 3195.03 with and traded in very narrow range for the day, after opening it made day low @ 3189.60 and then it recovers from this level and made day high @ 3204.20. Finally closed @ 3193.85 with gain of 12.93 up by 0.41%.

Some 5.44 billion shares, valued at S$1.41 billion were traded. Gainers numbered 282 while losers numbered 178.

Market forecast:
STI today crossed its 3200 mark and made high above this level near to resistance of 3205, but closed below 3200 mark.

Today STI made a Star candle it opens up and closed near to opening level also the movement was very narrow which was helps to form this pattern.

STI from a 2nd star candle in a row, which means STI having a potential to go up side but the players are cautious about the recent recovery and they are playing safe game with little movement.

Support:
STI having immediate support @ 3180 level and below this level it can take support @3150-3130 will be the support zone for STI.

Resistance:
STI having immediate Resistance @3205 and above this level it may take resistance @ 3235-3250.

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



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