Daily Market Opinion for 15-Nov-2013

Daily Market Opinion for 15-Nov-2013

STI rebounded strongly yesterday after remarks by future Fed candidate Yellen. She remarks that the continuation of the stimulus package will be good for US economy; this lead to positiveness and confidence in the market. STI opened with a gap up above 3180 level and managed to sustain the strong opening well. Buyers entered the market during the early trading session and were able to hold well despite some selling pressure in the market. A high of 3196 level was formed as resistance starts to set in during the day. STI managed to sustain most of its gains and ended up with 24.34pts higher during the day. STI closed at 3191 level. Last night, DJI closed positively with 54.59pts up. Will STI be able to maintain its bullishness today and rebound firmly? Or will STI retrace back to its support at 3180 level …