Daily Market Opinion for 22-Oct-2013

STI started the week bullishly this week as it continues to attempt to break its resistance at 3200 level. With bullish closing by DJI last Friday, STI manages to start the day with a gap up opening. 3200 level was broken momentarily and hit as high as 3208 level during the morning session. However, the market was still pressured by bearish traders which push back down during the afternoon trading session. STI was then seen trading below 3200 level again which it failed to trade above it again before closing. Although STI did not sustain its strong opening yesterday, STI still managed to make gains of 2.86pts and end at 3195 level. Last night, DJI ended slight down with 7.45pts down. Can STI sustain its gains and break 3200 resistance level today?

Yet again, STI is facing the tough 3200 resistance level which ...