TECHNICAL VIEW SGX STOCK MARKET
MARKET REVIEWToday STI gives opportunity to both the participant's bulls and bears. As STI opens and lift upside but facing hurdle @ its Resistance level of
3070 @ 3069.25 and come back to near the low.
STI opens above 3000 mark @ 3027.51 and from that level it was trades above this level and made a high of 3069.25 just near to our
resistance level of 3070 and finally closed @ 3037.35 near to day low of 3027.51 with gain of 9.84 points up by .33%.
MARKET FORECAST
STI closed near its day low, first STI go upwards and due to un sustainability @ higher levels STI closed @ lower levels and with this STI
formed a candlestick which is having a long upper shadow and small real body, this is typically a bearish signal particularly when it occurs
near a high price level, at resistance level, or when the security is overbought.
As we saw that from past three trading session STI in unable to cross its higher level of 3070 which is its good resistance level and also above
than its 200 day MA level of 3066.95, if STI sustains this level than only we can see some bullish signal in the market otherwise it can move
more downside from this level.
STI RESISTANCE
STI having Resistance @ 3072 which is a good Resistance zone as this level is good support for STI previously and if sustains than next
higher level comes @ 3100-3130.
STI SUPPORT
STI having strong support @ 3010 level if STI breached this level than it can go for 2965-2935 level soon
TECHNICAL INDICATORS
Indicators are loosing the strike MACD is looking still bullish but RSI trading below its centreline of 50 @ 41.19
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