Daily Market Opinion for 2-May-2014

The month of April ended with a buzz as STI managed to make strong gains on that day. Sentiment in the market was bullish as STI was able to maintain its gap up opening. Resistance at 3255 level was being tested and broken easily in the morning trading session as positive momentum sets into the market. The gains were gradual in the afternoon trade as STI maintained above 3255 level. Before closing, STI was able to make further gains and closed at high. STI closed at 3264.71 level by making 26.97pts worth of gains. Last night, DJI closed with 21.97pts down. Will STI be able to maintain its bullish today after the Labour Day holiday? Where will STI be heading towards now?

The rebound had proved that the support at 3230 level is strong and the gap support is being covered. This ...