Daily Market Opinion for 16-Jan-2015

STI started to rebound yesterday as oil price decided to stage a rebound. The day opened slightly higher and it managed to continue to stay above 3250 level. There was some selling pressure but it only managed to clock a low of 3327 level before it recovered to its opening level. Buying strength was firm and it helped STI to maintain its bullishness throughout the day. A high of 3342 level was made but it was unable to sustain. Hence, STI closed at 3338.84 level with 12.68pts up. Last night, DJI failed to rebound and lost 106.38pts. Will STI be able to maintain its gains today? Or will it continue to consolidate at its support at 3325 level?

It is a good sign yesterday as STI managed to form a bullish candle at 3325 support level. This could be a bullish reversal ...