Weekly Wrap of STI
Strait Times breached its major support level of 3040 and sustains below this whole the week and took support @ 2919.98 below its 61.8% retracement level.
STI opens just below its 50 week MA level @ 3043.49 and trades below this level whole the week, took support below its 61.8% retracement level of 2919.98, the retracement level was @ 2925.81, and closed just above this level of 2935.78 with loss of 107.71 points down by 3.54%.
Market Forecast for Week Ahead
STI made a high of 3043. 49 in opening session as STI having support level @ 3040 which is up slopping trend line level, and STI breached this level and sustain also below this and took support below its 61.8% retracement level on weekly graph and for coming days this will be the major support level for market. STI was trade in the 3150-2950 range from past some days and now STI breached this range and closed below this level so now we can say that it is in downtrend and now it can go more 100-150 points. For the coming days still we feel some consolidation to downtrend as market is near to its 61.8% retracement level and expected that
it will take support @ this level and if it will not sustains this level than it will go more down side.
STI Resistance
STI having major resistance @ 2950 level above this level 3000-3050 will be the major Resistance for market.
STI Support
STI having strong support @ its 2910 level and below this level 2870-2840 will act as a support zone for market.
Technical Indicators
Technical Indicators are in bearish zone RSI trading @ 36.42 and MACD is also in bearish zone.
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