Daily Market Opinion for 15-May-2014

STI managed to reverse its losses yesterday after Vesak day holiday break. Market participants were rushing to buy into the market in fear that they will not be able to buy at a discounted level. STI opened with a gap up above 3230 level. It managed to sustain the strong opening and started to climb gradually during the day. A low of 3244 level was made during the day. But more upside attempts were seen during the day which hit a high of 3261 level. Before closing, STI was able to stabilize itself closer to the high of the day and close at 3259.09 level. 36.66pts was gained yesterday. Last night, DJI was seen losing 101.47pts. Will DJI lost last night affect STI’s performance today? Can the bullish streak continue today?

The reversal of price had brought back bullish life in STI. ...