Weekly Technical view on STI
This was the week in which only green
candle was formed by STI as there was not a major change in the
trading range of STI it opened at 3071 and made a high of 3101 where
gave the closing at the same level as it was for the last week candle
@3073.
Long Legged Doji was formed by this
week candle. As it has long upper & lower shadow with Doji as the
shorter trading range in the middle
Weekly wrap of STI:
| STRAIT TIMES WEEKLY WRAP | |
| OPEN | 3071.87 |
| HIGH | 3101.86 |
| LOW | 3053.59 |
| CLOSE | 3073.39 |
| CHANGE (In Points) | 0.33 |
| % CHANGE | 0.010 |
Macroeconomic factors:
- A good jump in the Trade Confidence Index as it’s the highest in two years at 115 i.e. 10 points. Announced by the HSBC
- Home price inflation in China slowed in Feb also as it’s the continuous second month where average for new home price rose 8.7% for the 70 major cities in China. If calculated for MOM basis price rose 0.3% for Feb.
- Statement issued by the Finance Ministry of Singapore on Tuesday said (SMEs) small medium enterprises will receive almost Q3 of sum disbursed, which calculated over 74000 employers will be receiving around S$800 Million by wage credit scheme, pay outs by March 31.
- SGX is about to revise the fee structure which will be applicable from 2nd May 2014 as to make the trading more cost effective the clearing fee would be reduced by one fifth from 0.04% to 0.325% of contract value.
- Economists forecasted 3.8% of Growth lower than expected as 3.9%
Market Forecast for week ahead:
- As the performance of the STI was in a very range bound for this week and closing for the week was as the same for the last week. STI formed the Long Legged Doji candle for this week.
- Technically STI can fall for multiple support and it would be possible by the global economic factor & market sentiment to sustain above the mark of 3100.
Technical Indicators:
MACD is moving below the base and
performing flat where RSI is at 44.51 CCI is also going down and is
@ -52
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 3040 | 3000 | 2955 | 3130 | 3170 | 3210 |
Weekly wrap of KLCI:
KLCI closed Positive this week as it
makes the green candle for this week after the red weekly candle.
Bullish Engulfing Pattern formed in
this week, as Green candle formed for this week was followed by the
red candle of the last week where the open & close for this week
was formed in the range of the last week candle.
Weekly Technical view on KLCI
| KLCI WEEKLY WRAP | |
| OPEN | 1806.15 |
| HIGH | 1821.88 |
| LOW | 1802.88 |
| CLOSE | 1820.48 |
| CHANGE (In Points) | 15.36 |
| % CHANGE | 0.850 |
Market Forecast for week ahead:
- KLCI took the up move for this week after the two continuous down trend for two weeks
- The 50 days EMA’ is trading at 1778 where 20 days EMA is at 1814.
- For the coming week the KLCI can take a upside movement but on the envelope channel indicator it seems consolidate in the range of 1790 to 1835
Technical Indicators:
The RSI is moving exactly above the
base line at 53.92 else CCI is performing at -21
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 1805 | 1795 | 1780 | 1835 | 1850 | 1870 |
0 comments :
Post a Comment