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Daily Market Opinion for 16-Apr-2014

It was another strong day for STI as it manages to open with another gap up and break its recent high resistance at 3230 level. The main reason for the strong gains yesterday was because of the announcement by Capitaland to buy CapitaMallAsia at an offer price of $2.22. Both Capitaland and CMA received bullish responses which helped to lift STI by a lot. The gains were stable during the day while trading volume started to pick up strongly yesterday. This strength allowed STI to hit a high of 3249 level before coming to a close at 3246.32 level. A total of 31.49pts was gained yesterday. Last night, DJI was seen rising by 89.32 pts. Will STI be able to continue its bullish streak today? How far can STI go?

 

STI had managed to confirm …