Daily Market Opinion for 30-Jul-2014

STI managed to avoid retracement yesterday as it managed to stay bullish throughout the day. After the Hari Raya Puasa holiday, STI managed to catch up with the regional market by opening with a gap up. This bullish opening managed to maintain throughout the day as market participants were still positive on the outlook of the market. A high of 3360 level was reached yesterday before it closes slightly lower. Trading volume was still weak yesterday as many were concerned of the US Fed meeting which was to end tonight. Hence, STI ended at 3356.08 level with 5.91pts up. Last night, DJI ended with 70.48pts down. Will STI be able to continue to reach out for its resistance level? Or will the retracement risk starts again?

STI managed to close its day with a white candle. However, this candle did not coincide ...