Today's Technical view on STI

Technical view on STI

STRAITS TIME LEVELS
Support 1	3185
Support 2	3165
Support 3	3145
Resistance 1	3205
Resistance 2	3220
Resistance 3	3235

Market Review:

Singapore shares open high but closed below 3200 mark.

Singapore shares open at 3204.200 and then it made day high @ 3206.92 but faced resistance at that level and traded on lower side and made day low @ 3188.58 near to its 50& 200 day MA level and finally closed @ 3192.08 with loss of 10.95 points down by 0.34%.

Some 1.69 billion shares, valued at S$892.3 million were traded. Gainers numbered 176 while losers numbered 264.

Market forecast:

STI closed below 3200 level and took support near to its 50 & 200 day Ma level which is 3185.122 & 3185.779.

As we previously mention that STItraded in a triangle pattern and yesterday it touched its breakout level of 3218. Pattern starts from 19th Sept from the highest high of 3260.14 and then it took support on 3104 level on 8th Oct and again made high which is lower than previous high i.e.3235.25 and then it faced resistance at this level and fell down and took support @ 3163 which is higher than previous low, now its next move may be breakout from this pattern and if it will crossed 3220-3235 then it will definitely move upwards.

But today index moved down side and took support at its major support level as 50 & 200 day MA levels are about to give cross over so after that maybe we can see clear trend.

Support:

STI having immediate support @ 3185 level and below this level it can take support @3165-3145 will be the support zone for STI.

Resistance:

STI having immediate Resistance @3205 and above this level it may take resistance @ 3220-3235

Technical indicators:

Technical indicators MACD, RSI and CCI are turning from lower.