Daily Market Opinion for 23-Apr-2014

STI managed a strong attempt to break its resistance at 3255 level and stayed above it. This movement could have eliminated the fears of STI starting a retracement action which can catch people off guard. STI opened higher than 3255 level and started to face slight selling pressure. But it managed to maintain its strong opening by retracing to a low of 3255 level only. The breakout held and STI was able to make gains for the rest of the day. Trading volume picked up a little more yesterday and this might have contributed the strength to push STI to close at its high of 3277.53 level. Hence, for the day, STI gained a total of 21.7pts. Will STI be able to sustain its gains today? Or will STI be retesting its breakout level again?

STI closed with a long white candle yesterday. ...