Daily Market Opinion for 23-Nov-2012

Daily Market Opinion for 23-Nov-2012

STI managed to break 200ma resistance level today as the market started to gain confidence after the overnight rally of DJI on the previous night. STI opened with a gap up which it immediately covered the gap during the early trading session. Buyers started to stream in slowly pushing the market to trade higher before some profit taking action happens after lunch hours. 2980 resistance level was then tested and STI managed to break it after several attempts. Positive European market opened aided STI to stay above 2980 level before some profit taking actions takes place. Eventually, STI ends at 2987 level with 26.3pts higher. Last night, DJI was closed for Thanksgiving holiday. Can STI’s bullish sustain the breakout of the resistance today? Or should one expect a reversal for downtrend formation today?

STI ended with a white candle which broke the 200ma line …