Daily Market Opinion for 04-Jul-2014

Daily Market Opinion for 04-Jul-2014

STI bucked the regional trend again by trading higher yesterday. This shows that STI is still determine to rebound. It first opens the day flat but it managed to continue to make gains during the day. A high of 3280 level was reached. This high failed to sustain and profit takers were seen in the market, causing STI to retreat before market closing. Hence, STI ended up closing at 3273.15 level with 9.24pts gained. Last night, DJI managed to make further gains of 92.02pts. Will STI continue its bullish streak today? Or will it start to lose its momentum and start to retrace again?

Further gains yesterday had assured that STI is able to sustain its bullishness and probably reverting its trend back to uptrend again. However, it’s faced strong resistance from both MA resistance lines at 3270 and 3280 horizontal resistance. …