Straits Times Index (STI) Technical Overview for 25th March
by Web Rocks
MARKET REVIEW
On the 4th trading day of week STI traded on firm node and traders on higher levels whole day.
STI opened @ 3022.19 and after that made a low of 3013.59 and took support @ that level and from there it continued trading upwards and made a high of 3052.03 and finally closed @ 3043.03 with gain of 20.84 points up by 0.69%.
MARKET FORECAST
It’s a 4 continuous trading day when STI tradeed in upwards direction and also today STI crossed its up sloping trend line and closed above that level which is a good sign for it, as we told that n first 3 trading sessions it made a 3 white candles and still looks bullish in the further trading sessions.
Today STI made a high of 3052.03 , and now it is trading above its up slopping trend line and crossed its major Resistance of 3035, and sustains above this level too , and also the Technical indicator MACD gives bullish crossover and which is a good sign for coming days, we feel more 50-100 points of uptrend from this level.
On the other side of coin now this up slopping trend line will act as a Support level for STI.
RESISTANCE
STI have a Resistance @ 3070 and above this level 3100-3130 will be the major resistance zone for STI.
SUPPORT
STI have strong support @ 3020 and below this level it can take support @ 2990-2960 levels.
TECHNICAL INDICATORS
MACD turned to bullish phase as it gave bullish crossover and also RSI took support @
lower levels but trades @ 50.54 just crossed its centreline of 50.