MARKET REVIEW
Finally STI breached its major Resistance level and maintain above, from the opening bell STI were on firm node and closed above its 3100 mark after 14th Feb 2011. STI opens @ 3066.52 levels and after that made a low of 3062.52, but took support and made a high of 3015.90 and finally closed near today's high @3103.81 with gain of 37.32 points up by 1.22%.
MARKET FORECAST
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 its 3100 mark also. STI having its 200 day MA level of 3072.07; today f STI sustains this level and closed well above this level , so now we can say STI is looking bullish on charts and expects 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. 3100.
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 @ 52.12 recovers from lower levels.
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