Daily Market Opinion for 13-Dec-2012

Yesterday, STI managed to shrug off the bearishness in the market to close higher. STI opened with a slight gap up and slowly climbed towards 3140 resistance level. As it approaches 3140 resistance level, the buying momentum started to tamper off and started trading sideways for the whole mid day session. Trading volume was low as many adopted the wait and see attitude to as they seek confidence in the market direction. As the market approaches closing, last burst of buyers entered the market to push STI to test 3140 resistance level before some profit taking actions happen before closing. Eventually, STI is able to close at 3141 level, slightly above 3140 resistance level. STI was up by 23.24pts for the day. Last night, DJI closed flat with merely 2.99pts down. Has STI truly broken the 3140 resistance level yesterday? Or will this ...