Weekly Wrap of STI
STI Resistance
STI having major resistance @ 3185-3210 level above this level 3225-3250 will be the major Resistance for market.
STI Support
STI having strong support @ its 3135 level @ its 100 day MA level and below this level 3100-3170 will be the support zone
for next week.
STI took support @ its 50 weeks MA level of 3080.04 last week and this week market opens well above this level @
3099.52 and closed with good gain.
STI opens @ 3099.52 levels and it's a lowest point of the week, after that it climbs and made a high of 3180.53 but cant
sustains its higher levels and finally closed @ 3163.68 with gain of 64.16 points up by 2.07% week on week basis.
STI closed well above to its major resistance level of 100 day MA @3135.80, which is good sign for the market.
Market Forecast for Week Ahead
After a last week's sharp down fall STI took support @ 50 week MA level and this week opens above this level and maintain
itself to trade above this level.
As we previously told that STI trading in a under it's down sloping trend line which is draw along with lower highs which
means it is not able to maintain higher levels and making a lower highs. And this week too it was not able to cross the trend
line.
STI trading between its 76.4% and 61.8% retracement levels and because these levels are already a higher levels so STI the
bulls and bear both fearful with this and taking cautious approach and result the STI trading in a range of 2910-3210 level.
For the coming week if STI maintains itself above 3180-3210 level than we can expect that it can move towards higher
levels, but on the other side of coin if it breached its 100 Day MA level and maintain this than it can go further down side.
No comments:
Post a Comment