Daily Market Opinion for 19-Oct-2012
At last, STI managed to firmly trade higher yesterday, attempting to catch up with its lost grounds on the previous day. Its 3rd consecutive gap up opening was sustainable despite some selling pressure seen during the early hours. There was a tussle between the bulls and the bears throughout the day causing STI to trade within the range between 3053 – 3063 levels. It is clearly seen that STI is now able to trade above the 50ma line but its upside is still being capped by the 20ma line at 3063 level. In this day of mixed action, STI still managed to close at 3060 level with 14.69pts higher for the day. Last night, DJI also experienced a mixed market action and closed with a mere 8.06pts lower. Will STI be able to break its resistance at 3063? Or will STI start ...
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