Singapore Stock Exchange- STI Weekly Outlook (6th June - 10th June))

Weekly Wrap of STI

STI maintain itself above 3100 level as well above its 100 day MA level which is very important level for STI on daily basis. STI opens @ 3135.52 it is also a lowest point in the week and then it heading towards higher level and made a high of
3181.53 and finally closed @ 3145.67 with gain of 10.15 points up by 0.32% week on week basis. Finally with the end of the week STI closed above its 100-200 day MA levels @ 3122.64 & 3140.81 respectively, and closed just below its 50 Day MA level of 3146.50 @ 3145.67 on daily graph. 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 making a technical pattern Reverse Head & Shoulder and with the end of the week , but still it not give breakout in this pattern so whenever it well not give the Breakout we can't say surely.
If STI crossed it's down slopping upper trend line than we can say the Reverse H&S is there and expects that it can move upside as per this pattern property.
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 @ 3190 level above this level 3225-3250 will be the major Resistance for market. But the intermediate Resistance comes @ 3170 levels.

STI Support
STI having strong support @ its 3110 and below this level 3090-3040 will be the major support zone for coming week.
 

Technical Indicators
Technical Indicator RSI and CCI seems to be positive if it crossed its upper down slopping trend line RSI currently trading @51.79 and CCI about to be positive above 100 level it is currently trading @ 83.97. MACD not giving any clear indication.

Strait Times Index- Technical Outlook

MARKET REVIEW

Today STI sheds its last 2 days gain and made a low of 3139.69, but then it recovers and closed above 3150 levels. STI opens @ 3172.87, after opening it fell down and took support @ 3139.69 levels, and from the lower level it recovers and closed above its 3150 levels @ 3160.60 with loss of 12.27 points down by 0.39%.

MARKET FORECAST

STI not able to sustains its higher levels and after touching the level of 3181.53, STI cant sustains this level today and fell down and took support @ its 200 day MA level @ 3139.77. As we previously mention in our report that STI having 3 major MA levels together on the chart and if we see on the daily chart than we find that shorter moving average i.e. 50 day 3145 now crossed both the longer MA of 100 day i.e. 3123.64 and 200 day i.e. 3139.77, so this is the

positive sign for market. STI crossed it's down sloping upper trend line from higher level to down side as it took support @ its 200 day MA level but if it breached this

level than it can go more down side and other side if crossed higher level than go up side too.

SUPPORT

STI having strong support @ 3135 below this level 3110-3090 will be the strong support zone for market.

RESISTANCE

STI having Résistance @ 3190 levels and above this level its next major higher level comes @ 3210-3225.

TECHNICAL INDICATORS

MACD looking bullish on charts as it is gives to positive cross over and also RSI trading above its centreline of 50 @ 53.94