Daily Market Opinion for 03-Apr-2013

STI had a bullish day yesterday despite the threat of retracement actions. It started off with a weak opening in reaction with the lacking of leads from the US market. However, confidence started to build up as buyers started to enter the market again. STI managed to recover above previous day’s closing price before lunch hours but it faces selling pressure at 3315 level as it approaches it. Positive opening from the European market had encouraged buyers to stay confident which caused STI to be able to break 3315 level marginally. Eventually, during the closing hours, STI managed to close at 3317 level with 10.01pts up for the day. Has STI confirmed its break out of 3315 resistance level? Or will this resistance level stay intacted?

There was no bearish reversal confirmation yesterday as STI failed to close lower yesterday. Instead, 3315 resistance level ...