Weekly Technical Analysis - STI

Weekly Technical View On STI

Support Levels :

• Support 1 - 3350

• Support 2 - 3330

• Support 3 - 3315

Resistance Levels :

• Resistance 1 - 3420

• Resistance 2 - 3456

• Resistance 3 - 3495

STI Performance 

• Open - 3395.36

• High - 3416.39

• Low - 3362.16

• Close - 3362.77

• Change (in points) - -54.74 

• % Change - -4.91%

Weekly wrap of STI:

• STI performed sideways this week. First day of week it opened down by 27 points. Risk appetite remained low as investors reacted to a better-than-expected US jobs report by selling stocks, mindful that the data could prompt the Federal Reserve to raise interest rates sooner rather than later and as investor’s awaited China inflation data and following a rebound in US markets.

• In the mid week stocks continue their downward slide following a slump in US equities, after the dollar gained amid speculation the Federal Reserve is moving close. While the index dipped marginally below the level of 3,380 near-term supports, it is expected that the Singapore market should be resilient amid the current US rate hike uncertainty and the weak Singapore dollar against the US dollar. 

• Last day of week Market closed at 3362 and down by 10 points .

Market Forecast for week ahead:

• We may expect STI to slide down because it is making rounding top, even Asian market was positive but STI was down, Because It is following technical pattern. 

• It is expected that it will touch the level of 3315 as its support level and if it breaks this level, then it may further fall down.