Daily Market Opinion for 21-Aug-2014

STI creep up further yesterday as the market prepares for the US Fed meeting last night. Market participants stayed cautious throughout the day despite trading bullishly during the day. The day was filled with both bullish and bearish movements as STI tested a high of 3331 level and a low of 3318 level. Therefore, there were indecisive market movements during the day. With this indecisiveness, STI was seen ending its day lower than its opening level. STI closed at 3323.65 level with 7.22pts up. Last night, DJI closed slightly higher by 59.54pts in reaction to the Fed meeting. Will STI be able to continue to react bullishly today? Can it break its resistance level today?

Another bullish attempt yesterday indicates that STI might be ready to continue its uptrend movement. However, it tested its 20ma & horizontal resistance at 3330 level yesterday. ...