Singapore STI: Technical Analysis for 4th Oct 2013

Technical view on STI

STRAITS TIME LEVELS
Support 1	3130
Support 2	3110
Support 3	3090
Resistance 1	3165
Resistance 2	3185
Resistance 3	3205

Market Review:

STI continuing the trend and traded below the 3200 mark, also closed below its 38.2% retracement level. STI opens with gap down @ 3147.32 and then made a day low @ 3135.60, toady the movement was lower side and STI made day high @ 3155.06 and finally closed @ 3144.79 with loss of 7.79 points down by 0.25%.

Some 3.19 billion shares, valued at S$1.30 billion were traded. Gainers numbered 173 while losers numbered 239. 

Market forecast: 

Today STI traded below its 38.2% retracement level and closed below this. As we mention previously in our report that below this level STI can touch 3100 soon.

STI formed candles which show uncertainty and indecision between bulls and bears.

Support:

STI having immediate support @ 3130 level and below this level it can take support @3110-3090 will be the support zone for STI.

Resistance:

STI having immediate Resistance @3165 and above this level it may take resistance @ 3185-3205

Technical indicators:

Technical indicators MACD, RSI and CCI all are seem to losing its trend.