Straits Times Index (STI) Technical Overview for 29th April ‘11
SUPPORT 1 | SUPPORT 2 | SUPPORT 3 | RESISTANCE 1 | RESISTANCE 2 | RESISTANCE 3 |
3150 | 3135 | 3110 | 3210 | 3225 | 3250 |
MARKET REVIEW
Today again STI made a high above 3200 mark but was not able to sustain this level and closed near to yesterday's level.
STI opened below 3182.68 levels and then it made a high of 3201.18 in 1st half and after 2nd half it dragged down and made a low of 3179.67 above major support zone and finally closed @ 3184.99 with gain of 2.31 point up by 0.07%.
MARKET FORECAST
STI today made a high of 3201.18 and in previous days it made a high of 3206-3208, with these levels we can interpret that STI is not able to sustain its higher levels, day after day it made a high below its previous high and made a lower high on chart. But today it closed above its
major support zone.
STI formed a candlestick with long upper shadow with small real body and very small lower shadow, because movement was good and closed near to previous closing level.
STI crossed its 3200 mark but was not able to sustain above this level. If it sustain this level than we can expect more upward levels. Above 3200 the major resistance comes @ 3225.
STI is looking 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 has strong support @ 3150 and below this level it can take support @ 3135-3110 levels.
RESISTANCE
STI has Resistance @ 3210 and above this level 3225-3250 will be small and also major resistance zone for STI.
TECHNICAL INDICATORS
Technical indicator MACD seems to be reverse and RSI seems to be took support @ up sloping trend line and closed @ 59.81.
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