Daily Market Opinion for 04-Apr-2014

STI managed to break out from its strong resistance of 3200 level yesterday. This break out first started when STI opened for trading. STI opened with a gap up action which broke 3200 level easily and it was able to sustain for the rest of the day. There were some selling actions which caused STI to hit a low of 3203 level but the bullish sentiment was strong. The bullishness in the market had helped STI to hit as high as 3221 level before it started to settle during its closing. STI closed at 3220.06 level with 27.28pts up for the day. Last night, DJI went slightly lower as it retraced 37.25pts down. Will STI be able to continue its bullishness today or will it be affected by DJI’s negative closing last night?

The bearish engulfing candle failed to impact the market ...