Daily Market Opinion for 16-Jan-2014

The bullish closing by DJI on the previous night had helped STI to recover its lost grounds yesterday. STI opened with slight gap up motion and it managed to maintain its bullishness. Buying strength was gradual during the day as trading volume was seen to be less active yesterday. STI managed to hit a high of 3146 level during the day but it did not manage to close at the high. Instead, STI closed at 3143.25 level yesterday. 19.50pts was gain during yesterday’s price action. Last night, DJI was seen gaining another 108.08pts. Will STI continue to be buoyant by DJI’s strong closing today?

STI had managed to break its gap resistance yesterday with a gap up action. This indicates that the bearish momentum could be shifting again as the support at 3120 level is holding strongly. However, there is still no ...