Daily Market Opinion for 15-Aug-2012

STI continued its bullish streak yesterday after speculations of recovery of the different economies. STI started with a lacklustre opening as it open slightly higher. Trading activity was slow during the early session as participants of the market were looking for directions. After lunch hours, buying momentum started to pick up again as HSI took the lead in the bullishness. Positive Europe market opening propelled the price higher as STI test the immediate resistance level at 3080. Buying activity was strongly support by the increase in trading volume. Eventually, STI closed at 3087 level with 23.03pts higher. Last night, DJI did not manage to recover the previous day’s losses and ended up flat, 2.71pts higher. Will STI be able to continue its bullish momentum as it could have broken 3080 resistance level? Or will the bearish divergence signal take effect and cause the ...