Daily Market Opinion for 02-Apr-2014

The bullishness seems unstoppable for STI yesterday as it continues to open with a gap up. There were attempts to trade higher during the morning session but it faced resistance at 3200 level. A high of 3205 level was made before STI start to face selling pressure during the mid day. The selling pressure had caused STI to hit a low of 3188 level before rebounding back to its opening level. The swing within the day was still capped by 3200 resistance level yesterday. Eventually, STI closes at 3198.52 level with 9.9pts up. Last night, DJI closed with 74.95pts up. Will STI be able to break this resistance level today or will profit taking actions start to happen?

STI have managed to test its resistance level at 3200 level and had proven that this resistance level is strong yesterday. With Doji like ...