Daily Market Opinion for 30-Apr-2013

Daily Market Opinion for 30-Apr-2013

STI continued to trade higher yesterday despite muted market actions yesterday. The China and Japan market were closed yesterday and hence, STI was lacking of guidance from these 2 markets. The opening of STI showed reluctance to trade higher as there was lack of direction from DJI’s flat closing on the previous day. The trading activities were muted in the morning trade while it attempted to trade into negative region during noontime. Buyers were still seen coming into the market whenever there is selling pressure. During the afternoon trading period, buyers overwhelmed the sellers which caused STI to creep up further. Eventually, STI ended with 13.05pts higher and closed at 3361 level. Last night, DJI strengthen further by closing 106.20pts higher. Will STI continue to reach out for its resistance at 3370 level? Will STI start to show signs of fatigue at this …