STI- Singapore Market Forecast For Tomorrow 10th MArch

MARKET REVIEW

STI opens above 3100 mark and made a high of 3113.05 very near to our resistance level but cant sustains its higher level and closed below 3100 mark.

STI opens @ 3103.84 levels and after that made a low of 3087.84, but took support and made a high of 3113.02 and finally closed @ 3092.90 with loss of 10.94 points down by 0.35%.

MARKET FORECAST

Today again STI faced resistance @ higher levels and finally closed below 3100 mark but well above its good support level, so the positive sentiments are there in the market. After a weeklong consolidation, finally STI crossed its major Resistance level of 3072 and also maintain this level. From past few trading session as it was not able to sustain this level, besides that STI today traded above this level and also closed near its 3100 mark. As we told in our previous report that STI having its 200 day MA level of 3072.07; if STI sustains this level and closed well above this level , so

we can say STI is bullish on charts and expect 100-150 points on gain from this level.

RESISTANCE

STI having Resistance @ 3118 which is multiple resistance and support level previously, so if maintains this level than it can go to breach its 50 day MA level of 3157.75 and above this 3180 will be the next level for STI.

SUPPORT

STI having strong support @ 3060 level if STI breached this level than it can go for 3030-3000 level.

TECHNICAL INDICATORS

Indicators are bullish on daily charts; MACD is looking bullish as it is trading with bullish crossover, and RSI also trading above its centreline of 50 @ 50.36 recovers from lower levels.