Strait Times Index- Technical Outlook

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%.

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.

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

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

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


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