Daily Market Opinion for 20-Feb-2014

Nothing seems to be able to stop STI’s bullishness current as it staged another day of strong closing. STI opened with a strong gap up which immediately brought it to the 50ma resistance level. There were attempts to trade higher during the morning session which brought STI to a high of 3095. Profit takers were then seen in the market to push STI back to its opening level. During the mid of the day, the buying momentum seems to wither off as STI hit a low of 3083 level. However, this does not stop buyers from avoiding the market, instead, buyers were supporting the run and it caused STI to rebound back to its opening levels. Eventually, STI was seen closing at 3088.79 level with 18.01pts up. Last night, DJI was seen falling 89.84pts after further tapering decision. How far can STI ...