Daily Market Opinion for 26-Apr-2013

STI continued to propel higher yesterday despite weak opening yesterday. STI opened gapping down as some market participants made use of the bullish opportunity to sell into strength.  However, it seems to be a wrong choice for them as the market starts to recover after strong showing by the regional market. The breakout of HSI for a higher high had boost confidence in the local market that STI can have similar strength as HSI. STI gradually head higher during the day and manage to test its recent high of 3331 level. At the closing bell, STI closed at 3337 level, which is higher than the recent high of 3331 level. STI gained 15pts yesterday. Last night, DJI managed a slight gain of 24.50pts. Where will STI head towards currently? Is it time to sell into strength now?

STI managed to form a second ...