Daily Market Opinion for 22-Mar-2013

STI continues to be stubborn yesterday as it refuses to drop lower yesterday. The rebound achieved yesterday had managed to recover the previous day losses. The opening was flat but buying strength came in slowly as economic reports from China and Japan are showing positive signs. This caused the fears on Cyprus bailout to ease yesterday. The 50ma line at 3260 level was being breach again which left one wondering if this resistance line is holding well. The bullish strength had managed to push STI to as high as 3274 level before closing at 3267 with some profit taking actions. STI gained 19.25pts yesterday. Last night, DJI failed to impress and lost 90.24pts. Can STI maintain its bullishness today? Or will STI follow DJI’s bearishness today?

STI ended the day with a long white candle with upper shadow. This could be a bullish ...