SINGAPORE STOCKS
Weekly Wrap of STI
STI this week manage to maintain itself above major resistance zones and closed on higher side with continuation of last
week's rally.
STI opens @ 3163.68 and then it fell down and took support @ weekly low of 3124.93 levels and again turns to make a
high of 3180.52 @ the same level of last week and finally closed @ 3168.54 near to opening level with gain of 4.86 points
up by 0.15%.
STI facing resistance @ its previous week's top level of 3180.53, but not able to crossed this level so for next week it will be
major Resistance zone for market.
Market Forecast for Week Ahead
With continuation of previous weeks winning strike STI manage itself to maintain above the resistance levels, but can able
to breach last week's high almost made a same high this week too.
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 3185-3210 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.
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... CLICK HERE TO VIEW SGX NIFTY LIVE
No comments:
Post a Comment