Daily Market Opinion for 25-July-2013

STI managed to break the recent high level of 3258 level yesterday and approaches its new resistance level at 3280. The day first started flat as market participant were waiting for bullish catalyst to enter the market. The early trading session did not flourish as weak China’s economic data caused an area of concern. However, as HSI market opens and started to trade in the positive region, STI found its reason to start surging. The gains were gradual during the day and it sustained very well. Trading volume was healthy during the day which encourages a clean break out of the recent high at 3258 level. During the day, STI manages to test the high of 3277 level before closing at 3274 level. It gained a total of 21pts for the day. Last night, DJI closed with 22.50pts down. Will STI be able to ...