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SG SESSION (To Retest 2,865 Gap Resistance Level)
The Straits Times Index (STI) ended the week with a gain of +1% (+29.5 points), recovering from the major support at 2,790 as highlighted last week (http://singaporestockstrading.com/2016/09/18/week-39-19th-september-23rd-september-singapore-us-market-technical-outlook/).
At the current junction, STI has been resisted by the window resistance (gap) at the closing level of 2,865 level but it is likely to see a retest on Monday, based on the strong price action at the closing session of last friday.
SG SESSION (Rebounding from 2,800 Critical Support Level)
The Straits Times Index (STI) ended the week with a loss of -1.6% (-44.88 points), erasing all the gains from the previous week.
At the current junction, STI is recovering from a Bullish Reversal Candlestick Pattern from thursday session towards the immediate resistance at 2,850 level.
As the 2,800 major support level continues to act as a critical pivot level for STI (highlighted last week http://singaporestockstrading.com/2016/09/12/week-38-12th-september-16th-september-singapore-us-market-technical-outlook/), the violation of this level is likely to infuse strong selling pressure towards 2,720 level.
ThaiBev has reflected a Bullish Reversal Candlestick Pattern (Bullish Engulfing) at the close of the session, coinciding with a major support and price congestion at $0.915 level with volume exceeding its 50 days average. This reflects bullishness on the counter with a potential recovery to maintain its uptrend intact, towards its immediate resistance at $1.045 level.
Yanlord has reflected a Bearish Reversal Candlestick Pattern (Shooting Star) with today confirming the imminent correction, losing 2.92% intraday. With Stochastic oscillator also at overbought level, signalling with a bearish crossover, it is likely to see Yanlord continue is correction towards the price congestion level at $1.285, coinciding with a price resistance turned support level.