Daily Market Opinion for 21-Dec-2012

STI had, at last, managed to go beyond its upper gap resistance level of 3172 and broke it. STI started the day with a slight gap up during the opening. The bullishness managed to maintain and STI gradually climb higher during the day. The mid day trading session was lacking of trading interest as it nears the 3172 resistance level. However, positive leads from the European market helped STI to trade higher before closing. Eventually, STI managed to close at 3175 level with 16.95pts higher for the day. Last night, DJI continues to surge with 59.75pts as market confidence continues to build up. Has STI broken its resistance and upside will continue? Or is there still risk of retracement today?

STI had managed to reverse its last 3 days’ worth of bearish candle with a white candle and even closed higher than the ...