Straits Times Index (STI) Technical Overview for 28th April ‘11
SUPPORT 1 | SUPPORT 2 | SUPPORT 3 | RESISTANCE 1 | RESISTANCE 2 | RESISTANCE 3 |
3136 | 3110 | 3080 | 3210 | 3225 | 3250 |
MARKET REVIEW
Today the market was very volatile as it traded in both the directions and closed above resistance level.
STI opened below 3171.83 levels and then it made a high of 3206.11 on 1st half and after 2nd half it dragged down and breached its major support level of 3170 and made a low of 3154.30 but finally closed @ 3182.68 with gain of 10.85 up by 0.34%.
MARKET FORECAST
STI today made a high of 3206.11 and day before yesterday it made a high of 3208.11 so now above 3200 level these levels will act as a major Resistance zone for market.
STI formed a candlestick with long upper and lower shadow and small real body, which denotes a good fluctuation in the market.
It crossed its 3200 mark but did not sustain above this level, when it will sustain this level then we can expect more upward levels, above 3200 the major resistance comes @ 3225.
STI looks overbought on its daily graph, if we see the technical Indicators like MACD is its overbought condition and RSI also reverse from its higher levels.
SUPPORT
STI have a strong support @ 3135 and below this level it can take support @ 3110-3080 levels.
RESISTANCE.
STI have Resistance @ 3210 and above this level 3225-3250 will be a small and also major resistance zone for STI.
TECHNICAL INDICATORS
Technical indicator MACD seems to be reverse and RSI seems to take support @ up sloping trend line and closed @ 59.41.
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