Daily Market Opinion for 07-Mar-2014

Bullish sentiment continued to set into STI yesterday as concerns on Ukraine ease off after the conflict subsided. STI started the day with a gap up motion to move forward to test its resistance at 3120 level. There was little selling action during start of the day as buyer’s mindset is on the positive side. 3120 resistance was then broken confidently when HSI started to show bullish opening. The breakout remains for the rest of the day as STI attempted to trade higher. A high of 3136 level was reached but resistance pressure started to set in. At closing bell, STI closed at 3129.17 level with 12.53pts up. Last night, DJI was seen trading higher by 61.71pts. Will STI’s bullishness continue today? How far can STI surge?

Despite the expectation of 3120 resistance level holding firmly, STI’s movement yesterday had managed to ...