STI Weekly Technical Anlaysis
Weekly Wrap STI
- Straits Times Index (STI) opened at 2842.28 i.e., 21.53 or 0.75 % lower and ended 24.19 points or 0.84% lower to 2888.03 this week. STI came off from its weekly peak of 2930.81 and low of 2829.20.
- Singapore stocks retreated at noon on Thursday on China's weaker inflation report.Singapore shares opened lower on Thursday with the STI slipping 40.6 points or over one per cent to 2,887.6 and closed at 2863.81. Singapore market posted losses at midday.Market breadth remained negative. STI came off from its daily peak of 2893.12 and low of 2893.12.
- Standard & Poor's Ratings Services (S&P) has lowered its 2015-2017 GDP growth forecast for Singapore as the Republic has taken a "major hit" from slow export growth.
| Open |
2842.28 |
| High |
2930.81 |
| Low |
2829.2 |
| Close |
2888.03 |
| Change (in points) |
24.19 |
| % Change |
0.84% |
Market Forecast
- STI is expected to take side trend. The resistance level is at 2930, if it crosses this level it can move upto 3000. STI has its support at 2800.
- US rate hike fears by FED, sparked by a report showing a record rise in job openings in July and falling crude oil prices can impact STI market negatively.
STI Levels
| Support 1 | 2800 |
| Support 2 | 2755 |
| Support 3 | 2698 |
| Resistance 1 | 2930 |
| Resistance 2 | 3000 |
| Resistance 3 | 3050 |
Market Highlights
- Singapore shares opened marginally lower with the benchmark Straits Times Index falling 2.18 points or 0.09 per cent to 2,885.85.
- China interbank market has opened lending facilities to qualified members.
- Oil Search has rejected Woodside's US$8b takeover bid as too low.
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