Daily Market Opinion for 30-Nov-2012

Daily Market Opinion for 30-Nov-2012

STI continued its upward movement yesterday with strong bullish movement as the outcome of the solutions for “Fiscal Cliff” in US turned positive. STI opened with a gap up yesterday and buyers were able to maintain the buying momentum. This bullish strength not only managed to push STI to test the resistance at 3020 level, it even broke it with decisiveness. 50 & 100ma resistance line was also broken causing Shortist to flee the market. Further buying strength was seen during the afternoon trade which caused STI to hit as high as 3048 level before ending at 3045 level. The total gains for the day amounted up to 34.13pts. Trading volume also increased yesterday which will likely to sustain STI’s bullishness. Last night, DJI continues to head higher with 36.71pts higher. Where will STI head towards today? Has the trend of STI changed …