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Singapore Stock Market Forecast 11 Oct 2013

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Publish date: Thu, 10 Oct 2013, 08:22 PM
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Market Reviews:
STI closed on positive node on 3rd consecutive day, above 3165 mark and crossed its 38.2% retracement level.

STI opens with gap up @ 3167.92 and after that made a high of 3176.77. STI traded in a narrow range, finally closed @ 3169.91 with gain of 15.070 points up by 0.48%. Its highest close since Oct. 1, 2013.

Volume was 3.28 billion shares worth S$1.09 billion. Gainers outnumbered losers 288 to 130.
Market forecast:
STI opens and traded above 3165 mark, also crossed its 38.2% retracement level, which is positive sign if it will maintain itself above this mark.

STI looks bullish on daily chart as trading upwards after taking support on lower levels. Also as it is trading above the resistance levels so giving the confirmation.

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 @ 3205-3220

Technical indicators:
Technical indicators MACD, RSI and CCI all are seem to taking support at lower levels and turning from those levels.
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