Daily Market Opinion for 23-Dec-2014

The week started with one of the sharpest rise that STI had experienced this year. It first opened with a gap up which broke 3280 resistance level easily. More bullish buying continued to push STI towards 3305 resistance level. Some resistance was felt initially but it was broken as the bullish mood continued to strengthen. This brought STI to the next resistance level at 3330 level where it managed to test it during it closing. STI closed at 3330.96 level with 51.43pts up. Last night, DJI also ended higher with 154.64pts up. Will STI continue to trade higher today? Or will it start to retrace after such a strong rally?

STI went beyond the expectation yesterday as it managed to break through both 3280 and 3305 resistance levels yesterday. Breaking 3305 resistance level also indicates that the 20ma resistance line is being ...