Daily Market Opinion for 21-Feb-2013

STI continues it bullish momentum yesterday by closing with a year high yesterday. The day started with a gap up action due to the bullish sentiment by DJI on the previous night. The sentiment managed to maintain during the early hours but it fluttered off as soon as HSI open with a weak note. Sellers gradually enter the market which pushes the index to as low as 3298 level before a rebound occurs. STI manage to gain its bullish momentum again after lunch hours which help STI to rebound back towards its opening level. Trading volume was weak but was mainly dominated by the penny stocks. STI ended its day with 13.12pts higher and close at 3308 level. Last night, DJI lost most of its previous day’s gains by closing 108.13pts lower. Can STI sustain its bullish streak and test 3315 resistance level ...