Daily Market Opinion for 28-Nov-2012

Yesterday, STI managed to climb higher after reports of Greece having helps to get over its insolvency situation. The report created a gap up during opening which helped STI to reach as high as 3016 level. However, the bullish strength did not maintain and sellers made use of the opportunities to sell into strength causing STI to retrace gradually during the day. When it went as low as 3004 level at the second half of the day, buyers came in to support the market to prevent it from breaking 3000 level. Hence, STI rebounded before closing and ended at 3011 level with 7.41pts up for the day. Last night DJI failed to maintain its bullishness and started to retrace with 89.24 points down. Will STI continue to trade higher to test 3020 resistance level or will it attempt to test 3000 support level ...