Daily Market Opinion for 16-May-2014

STI continued its bullish run yesterday despite opening weak. STI opened slightly down yesterday and even hit a low of 3250 level before it started its bullish run. The gains were gradual during the day as market participants started to grew more confident of the market. A high of 3273 level was made but it is still short of testing 3280 resistance level. Before closing, the gains still managed to maintain and eventually, STI was able to close at 3272.49 level. A total of 13.40pts was gained yesterday. Last night, DJI failed to rebound yesterday and fell further by 167.16pts. Will STI be able to sustain its gains? Or will STI attempt to reach 3280 resistance level again?

STI managed to gain decisiveness yesterday by closing with a long white candle. This indicates that the bullish underlying of STI is still intact ...