Singapore Stock Market Today 13 April 2011

TECHNICAL VIEW ON STI
 

MARKET REVIEW
STI loosing the string and closed down, it's a second day on the line and today STI closed almost @ its 100 day MA level. STI opens and it fall continuously throughout the day from its 3160.44 levels and made a low of 3127.05, but than finally closed with recovery of 11 points @ 3138 with loss of 22.44 points down by 0.74%.

MARKET FORECAST
STI closed almost at its 100 day MA level of 3137.29 @ 3138 level this was a previously act as a good Resistance level. STI not maintain its higher levels of 3185 levels and again come back from their and took support @ 3127 levels, market taking a some correction or it may be consolidate at these levels.

STI trading above the its 76.4% retracement levels and for this reason it will be consolidating between the range of 3200-2900 and whenever it will not able to sustains above 3220 levels , hard for it to maintaining the higher levels.

SUPPORT
STI having strong support @ 3120 and below this level it can take support @ 3100-3080 levels.

RESISTANCE
STI having Resistance @ 3170 and above this level 3200-3225 will be the small and also major resistance zone for STI.

TECHNICAL INDICATORS
Indicators looking some overbought.

Technical Report on Singapore Market: STI

MARKET REVIEW

Finally STI breached its major Resistance level and maintain above, from the opening bell STI were on firm node and closed above its 3100 mark after 14th Feb 2011. STI opens @ 3066.52 levels and after that made a low of 3062.52, but took support and made a high of 3015.90 and finally closed near today's high @3103.81 with gain of 37.32 points up by 1.22%.

MARKET FORECAST

After a weeklong consolidation, finally STI crossed its major Resistance level of 3072 and also maintain this level. From past few trading session as it was not able to sustain this level, besides that STI today traded above this level and also closed its 3100 mark also. STI having its 200 day MA level of 3072.07; today f STI sustains this level and closed well above this level , so now we can say STI is looking bullish on charts and expects 100-150 points on gain from this level.

RESISTANCE

 STI having Resistance @ 3118 which is multiple resistance and support level previously, so if maintains this level than it can go to breach its 50 day MA level of 3157.75 and above this 3180 will be the next level for STI. 3100.

SUPPORT

STI having strong support @ 3060 level if STI breached this level than it can go for 3030-3000 level.

TECHNICAL INDICATORS

Indicators are bullish on daily charts; MACD is looking bullish as it is trading with bullish crossover, and RSI also trading above its centreline of 50 @ 52.12 recovers from lower levels.