Daily Market Opinion for 12-Apr-2013

STI managed to confirm its rebound yesterday as confidence started to seep back into the market. In reaction to DJI’s positive closing, STI managed to open higher and above 3300 level. There is momentary selling in the early trading hours but buyers started to enter the market to push the price higher. This buying momentum carried on close till lunch hours and it started to ease off. Profit taking actions started to appear after lunch hours while the European market prepares to open. However, STI still managed to maintain its bullishness by trading above its opening level. Eventually, STI closed at 3308 level with 15.55pts higher. Last night, DJI managed to continue its bullish streak and gained 62.90pts higher. Can STI continue to reach out for its recent high of 3331 level? Or will the weekend effect cause selling pressure to STI?

The ...