STI- Singapore Market Weekly Outlook (30th May- 3rd June)

Weekly Wrap of STI

This week STI was full of ups and down, on the very 1st day of week it loss ground and breached all the support levels but finally closed above 3100 levels.
STI opens @ 3168.54 and faced free fall on the very first day of trading week it fell 75.74 points and then took support @ its 50 week MA level of 3092.80, from this level it was continuously try to cover all losses and maintain it above 3100 level
and finally it covers and made a high of 3154.54 on last trading day but finally closed @ 3135.52 with loss of 33.02 points down by 1.04% wow basis.

Finally with the end of the week STI closed above its 50-100-200 day MA levels @ 3135.52, previously this level was the major level from where STI goes upwards.
Market Forecast for Week Ahead
As we previously mention in our report that STI trading below its down slopping upper trend line which made by lower
highs and STI cant able to crossed this trend line and continuously trading below this range.
If we see in the weekly chart of STI than we find that it is taking support @ its 50 week MA level past many weeks and closed above this level so this level will be act as a very strong support for market. As we know that STI trading above its 61.80% retracement level, and in this range it is in consolidation phrase and we
know it is in 2900-3200 range from many months and for any major move it have to crossed 3272 level and for down side have breached its 2900 level.

STI Resistance
STI having major resistance @ 3170 level above this level 3225-3250 will be the major Resistance for market.
STI Support
STI having strong support @ its 3110 and below this level 3090-3040 will be the major support zone for coming week.