WEEKLY WRAP OF STI
STI sinks for 3rd straight week and in continuation of previous week's market make a low and closed @ its lowest level of the last 15
months.
STI open for the week on 2850 levels which was its support level, and then it made a high of 2890.05, but cant sustains the higher levels
and soon it breached its Support level of 2850 and fell down badly below 2750 levels and took support @ 2729.59 and finally closed @
STI closed @ its 15 month lowest level @ 2733.63, and seems more bearish from this level. it closed below its 200 week MA level of
2761.01.
MARKET FORECAST FOR WEEK AHEAD (22 august- 26 august)
STI this week closed below its 200 week MA level and formed a long black candle which seems bearish on charts. We expect that STI can
breached and seems will go to the 50% retracement level of 2645in coming days.
On the weekly graph STI formed a downward trend channel which is narrow on starting of the cannel and it become broad at its end
and STI took support this lower trend line.
As STI currently trading below its 61.8% retracement level and if it will sustains this level, so we can expect more downside movement in
the coming days.
STI is in the down territory so we are expecting if it will fall continuously than it can took support @ 2680-2620 level for coming days.
STI RESISTANCE
STI having major resistance @ 2760 which is its 200 week MA retracement level above this level 2820-2850 will be the major Resistance
for market for next week.
STI SUPPORT
STI having strong support @ its 2680 and below this level 2645-2600 will be the major support zone for coming week.
TECHNICAL INDICATORS
Technical Indicators not indicate any clear direction for market.
