Daily Market Opinion for 17-Sep-2013

STI made a buoyant start of the week yesterday as market participants cheer on the news of the withdrawal of the Fed chief race by Lawrence Summers. He was known to be an advocate to withdraw the quantitative easing package of US monetary policy. Hence, STI opened with a strong gap up in the morning which immediately broke 3130 resistance level. This caused market participants to rush into the market in hope of not missing the rally. During the day, the buying pressure is so strong that it immediately broke another level of resistance at 3170 level where 50ma resistance line resides. Buying strength was being able to sustain yesterday and it caused STI to stay above 3170 level during the day. Eventually, STI is able to close at 3179 level with a gain of 59.18pts for the day. Last night, DJI made gains ...