Daily Market Opinion for 29-Jan-2013

STI continued to inch higher yesterday as positive sentiment remains. STI started the week by opening flat and started to trade higher in first hour. However, cautious traders decided to take profit off the market which caused the buying pressure to tamper off after hitting a high of 3281 level. For the rest of the day, STI hovered between the ranges of 3271 to 3281 levels. Despite narrow range trade during the day, the trading volume was seen on the higher side yesterday. The surge in trading volume was generally contributed by the penny stocks play yesterday. At the end of the day, STI closes at 3273 level with 4.6pts higher. Last night, DJI had halted it’s ascend by closing slightly down with 14.05pts. Will STI also halt it’s ascend today? Or will STI continue to reach for its next resistance level?   ...