WEEKLY TECHNICAL VIEW ON STI
Weekly Wrap Of STI
STI pulls back in the last week and closed above its major Resistance level of 3060 @ 3061.31. Technically, STI breached its 50 weeks MA level of 3035.23 this week and closed also below this level. As STI closed on positive note in the month of Feb, Opens up on 1day on this months and maintain itself above 3000 mark and finally
closed near to its crucial Resistance zone. Market Forecast For Week Ahead
On the Weekly graph STI trading above its up sloping trend line which were act as a decisive level for STI as previously it was a major Resistance and now when STI were trading above the up sloping trend line then it will act as a major Support zone . STI breached its 50 week MA level of 3032.32 and after that it made a high of 3083.29, but finally closed below the high and above the 50 weeks MA level @ 3061.31. For the coming week if STI maintain itself to trade above 3072 level than only we can say it will go more upside, however STI trade in a upward direction still it can't able to sustains its higher level and facing tremendous resistance pressure @ that level, so for Next week if it able to hold this higher level , it can go up wards or it may be a sideways.
STI Resistance
STI having major resistance @ 3072 level above this level 3100-3130 and 3160 will be the major Resistance for market.
STI Support
STI having strong support @ its 61.8% retracement level of 2925 and if it will crossed this level and sustains this than it can move more 100-150 points from this level, because below this level the only immediate support comes @ its 200 week MA level of 2809.31 , so below 2925 its intermediate supports comes @ 2880-2809.
Technical indicators
MACD and RSI both are looking bearish as both are in negative zone; RSI trading below its centreline of 50 @ 45.33 levels and MACD
is also in negative zone but looking positive on daily graph.
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