Weekly Wrap of STI
Strait Times opens above its 50 weeks MA level of 3042.07 and it sustains above this level, and finally closed above 3100.
STI opens well above its 50 week MA level @ 3070.84 and after that it took support @ 3044.01 very near to 50 Week MA
of 3042.07 and then it was not turns back and made a high of 3131.07 just below its Resistance of 3136, and finally closed
below high @ 3120.47 with gain of 49.63 points up by 1.59% week
Market Forecast for Week Ahead
STI opens above its multiple resistance of 3070 levels , but correct from that level and took support @ its 50 week MA level
of 3042 level @ 3044.01, after that it turns to upward rally and maintain itself above 3100 mark made a high of 3131 and
closed also above this level.
STI trading above its 61.8% retracement levels and also trading above the multiple Resistance zones of 3118, from past 3
times STI not sustains this level and taste lower levels, but this time STI closed above the resistance it's a positive sign.
For the coming days we feel some consolidation to higher side because as market trading near to its recent higher levels
and 3150 is the major Resistance for market so market can take halt for going more upwards in near term.
STI Resistance
STI having major resistance @ 3150 level above this level 3180-3225 will be the major Resistance for market.
STI Support
STI having strong support @ its 3070 level and below this level, 3040 near to its 50 weeks MA level will act as a support
zone for market and after that next level comes @ 3010
Technical Indicators
Technical Indicators are turns from its lower levels, RSI trading just above its centreline of 50 @ 51.88, and MACD seems to
be giving bullish cross over....CLICK HERE FOR MORE
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