Daily Market Opinion for 09-Jan-2015

Yet again, STI performed another strong single day surge after a deep plunge due to falling oil prices. Traders ignored the existing issues and decided to push the market up yesterday. The opening of the day was seen above 3300 level and it managed to maintain above this level with its low at 3299 level. Bullish strength starts to enter the market after hitting the low and it even broke its gap resistance and horizontal resistance at 3330 level. STI hit a high of 3347 level before it closes at 3345.11 level. This means that STI had gained a total of 46.75pts yesterday. Last night, DJI closes strongly with 323.35pts up. Can this sharp ascend be sustainable? Has the bearishness in the market ended?

The underlying bullish momentum had been confirmed to be intact after yesterday’s strong bullish movement. Being back above …