Daily Market Opinion for 24-Jul-2014

STI experience of the most bullish day in the month as it managed to perform a breakout of 3330 resistance level yesterday. Market participants were buoyant by the strong earnings reports by individual companies yesterday. Many expected more companies to report better earnings in the upcoming weeks. Hence, STI opened its day with strong gap up.  Although it faced some selling pressure to hit a low of 3325 level, STI still managed to gather its bullish strength to trade higher yesterday. There was some resistance at 3330 level but market participants were convinced that there is more upside room to it. Trading volume entered the market to confirm the breakout and hit a high of 3341 level. There was little profit taking actions at the closing hours which helped STI to end at 3340.7 level. A total of 23.79pts was gained yesterday. ...