STI WEEKLY FORECAST
Weekly Wrap of STI
It was great trading week for STI, it continues upward rally and closed above its major resistance zone levels @ weekly high
of 3187.31.
STI opens well above previous week closing and trade continuous higher levels and made a weekly high of 3187.31 and
finally closed @ the same level with gain of 66.84 points up by 2.14%.
Market Forecast for Week Ahead
STI opens above its 100 day MA level of 3137.48 on Daily graph and maintain above this level whole week and finally
closed above major and multiple resistance level of 3180 @ 3187.31.
STI took support @ its 61.8% retracement level and rebounded from that level and closed above its major resistance levels
and now if it will maintains this level than it can move towards recent highs.
STI formed a candlestick patterns called white Marabouz which is a single candlestick patter characterized with a long
white body having no shadow on either end. It is an extremely strong bullish candlestick pattern. As STI opens on @ 3120
level and trending upwards from that level so there is no lower shadow and closed @ week high so the both upper and
lower shadows are not formed.
For the coming days STI have to maintain its 3180 levels than only it can go further upside and possibly made a new high.
STI Resistance
STI having major resistance @ 3225 level above this level 3250-3280 will be the major Resistance for market.
STI Support
STI having strong support @ its 3135 level near to its 100 day MA level and below this level 3100-3065 will be the major
support zone for market.
Technical Indicators
Technical Indicators are turns from its lower levels, RSI trading just above its centreline of 50 @ 56.25 and forming a
technical pattern wedge and having resistance @ 62 level , and MACD seems to be giving bullish cross over...... CLICK HERE FOR MORE
