Daily Market Opinion for 27-May-2014

Daily Market Opinion for 27-May-2014

It was a bullish start for STI this week as market participants were bullish on the market. STI opened with a gap up opening and attempted to break its recent high of 3284 level during the opening hours. STI managed to hit a high of 3291 level before selling pressure starts to set in during noon period. Buying strength started to ease at that moment which caused STI to reach a low of 3278 level. There were attempts to rebound later but there is lacking of conviction before closing. Hence, STI ended its day at 3282.88 level with 4.86pts higher. Last night, DJI closed with 63.19pts up. Can STI sustain its gains today and attempt to break out from the resistance?

The bullish movement yesterday have further confirmed STI’s bullish momentum. Short-term indicators continue on its bullish streak and will likely to …