Daily Market Opinion for 08-Jul-2014

STI started the week bullishly despite lacking of lead from the US market. It started with an opening that tested 3280 resistance level. This resistance level held well in the morning trading which caused STI to hit as low as 3270 level. However, buying strength came back to the market after hitting that low. This bullish strength was so strong that it managed to break through the resistance at 3280 level. And for the last hour of the day, STI is still able to maintain above 3280 level and closed at 3291 level. For the day, STI managed to gain 19.32pts. Last night, DJI did not perform well and lost 44.95pts. Will STI be able to sustain this break out today? Or will STI be seeking to find support after this break out action?

Bullish momentum is likely to set to continue in ...