Daily Market Opinion for 29-Jan-2015

STI continued its attempt to trade higher yesterday despite a string of new happening yesterday. The opening was greeted with an announcement by Singapore government of it’s intend to strength Singapore dollar and a possible increase of interest rate. This created a bearish opening but market participants were not frayed by this news. Instead, buyers entered the market with bullish intend. This helped STI to return backed to its previous day’s level and it even attempted to trade higher. A high of 3427 level was formed before some profit taking happens. STI ended at 3419.15 level with 6.95pts up. Last night, US ended its FOMC meeting with announcement to remain its interest rate. Hence, DJI reacted with 195.84pts down. Will STI also react negatively to DJI closing last night?

STI tested its resistance at 3420 level yesterday and failed to break it …