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.

STI forecast for coming week - 16th May- 20th May

Weekly Wrap of STI

STI took support @ its 50 weeks MA level of 3080.04 last week and this week market opens well above this level @ 3099.52 and closed with good gain.

STI opens @ 3099.52 levels and it's a lowest point of the week, after that it climbs and made a high of 3180.53 but cant sustains its higher levels and finally closed @ 3163.68 with gain of 64.16 points up by 2.07% week on week basis.

STI closed well above its major resistance level of 100 day MA @3135.80, which is good sign for the market. 

Market Forecast for Week Ahead

After a last week's sharp down fall STI took support @ 50 week MA level and this week opens above this level and maintain itself to trade above this level.

As we previously told that STI trading in a under it's down sloping trend line which is draw along with lower highs which means it is not able to maintain higher levels and making a lower highs. And this week too it was not able to cross the trend

line.

STI trading between its 76.4% and 61.8% retracement levels and because these levels are already a higher levels so STI the bulls and bear both fearful with this and taking cautious approach and result the STI trading in a range of 2910-3210 level. For the coming week if STI maintains itself above 3180-3210 level than we can expect that it can move towards higher levels, but on the other side of coin if it breached its 100 Day MA level and maintain this than it can go further down side.

STI Resistance

STI having major resistance @ 3185-3210 level above this level 3225-3250 will be the major Resistance for market.

STI Support

STI having strong support @ its 3135 level @ its 100 day MA level and below this level 3100-3170 will be the support zone

for next week

STI Singapore Technical Outlook tomorrow

MARKET REVIEW
STI opened flat in today's trading session and it has again taken resistance from higher levels. It showed negative side movements in the first half of the trading session and sustained below the support level of 3125. In the second half, it
consolidated with negative biasness, breaching the support level of 3110 it made day low of 3101.48. STI recovered later and closed at 3113.76 with the loss of 39.81 points, down by 1.26%.

MARKET FORECAST
As STI is continuously taking resistance from higher levels, so in coming session negative movement can be expected in it. Day after day it is making a high below its previous high. So it can be interpreted that it is not able to sustain at higher levels. STI crossed its 3110 mark today but did not sustain below this and consolidated sideways, if it breaches its 3110 level again and sustain below
it, a further downside can be seen. And below the support level at 3090 it is looking weak on charts.

SUPPORT
STI having strong support @ 3090 and below this level it can take support @ 3077-3063 levels.

RESISTANCE
STI having Resistance @ 3145 and above this level 3183-3200 will be the major resistance zone for STI.

TECHNICAL INDICATORS
Technical indicator MACD seems to support the negative side movement and daily RSI also seems to support this and it closed @ 43.03