Daily Market Opinion for 27-Jun-2014

At last, STI managed to stage a strong rebound yesterday which broke of the 50ma resistance line at 3270 level. Positive economic numbers in US was cited to be the main driver of yesterday’s bullishness. The day opened with a gap up in reaction of the news. There were some struggles to break 3270 level initially but the buyers managed to overcome the resistance. Floodgate of buyers was being opened and buyers were rushing in to push the market. The buying force hit a high of 3279 level before closing at 3278.57 level. A total of 17.03pts was gained during the day. Last night, DJI did not react well to the numbers, instead, it retreated 21.38pts. Will STI be affected by DJI’s retreat last night? Will STI be able to maintain its bullishness today?

A long white candle was formed yesterday. This ...