Technical Report On STI (29 July 2011)

Market outlook- 

STI trades in a tight range, and it also touched its 3200 mark but cant able
to sustain higher levels.

STI opens @ 3193.54 and immediate loose the direction in the first half and made a low of 3165.12, and took support @ that level and in the second half made a high of 3200.56 but cant able to sustain this higher level and closed below yesterday close @ 3189.85 with loss of 3.69 points down by 0.12%.

Singapore Market Forecast-
STI touch the level of 3200 today, but it can't able to cross this and not sustains this level and slips below the resistance level. Currently STI trading above the triangle pattern , and trying to maintain this level , as STI is in consolidation phrase and previously it face resistance at this level so this time too it can turns from this level.
Today it just crosses this level so we expecting that it can maintain this level and if it sustains this level than 3225-3250 expected higher levels
from current level.

Support and Resistance-

STI having nearest support @ 3160 and below this level it can take support @ 3130-3110 levels is the major support

STI having Resistance @ 3210 above this level 3225-3250 will be the major Resistance for market.

Technical indicator MACD, RSI and stochastic trading in a positive zone and look bullish.


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