Weekly Wrap of STI
STI maintain itself above 3100 level as well above its 100 day MA level which is very important level for STI on daily basis.
STI opens @ 3135.52 it is also a lowest point in the week and then it heading towards higher level and made a high of
3181.53 and finally closed @ 3145.67 with gain of 10.15 points up by 0.32% week on week basis.
Finally with the end of the week STI closed above its 100-200 day MA levels @ 3122.64 & 3140.81 respectively, and closed
just below its 50 Day MA level of 3146.50 @ 3145.67 on daily graph.
Market Forecast for Week Ahead
As we previously mention in our report that STI trading below its down slopping upper trend line which made by lower
highs and STI cant able to crossed this trend line and continuously trading below this range.
If we see in the weekly chart of STI than we find that it is making a technical pattern Reverse Head & Shoulder and with the
end of the week , but still it not give breakout in this pattern so whenever it well not give the Breakout we can't say surely.
If STI crossed it's down slopping upper trend line than we can say the Reverse H&S is there and expects that it can move
upside as per this pattern property.
As we know that STI trading above its 61.80% retracement level, and in this range it is in consolidation phrase and we
know it is in 2900-3200 range from many months and for any major move it have to crossed 3272 level and for down side
have breached its 2900 level.
STI Resistance
STI having major resistance @ 3190 level above this level 3225-3250 will be the major Resistance for market. But the
intermediate Resistance comes @ 3170 levels.
STI Support
STI having strong support @ its 3110 and below this level 3090-3040 will be the major support zone for coming week....
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