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Daily Market Opinion for 8-Aug-2012

STI attempted to break 3080 level again yesterday. STI opened with a slight gap up and surge above 3080 level during the early trading session. However, sellers were waiting for their chance to exit at this resistance level. STI went tumbling down after reaching as high as 3086 level.

Daily Market Opinion for 6-Aug-2012

STI form a year high yesterday after positive reports from the US & European markets. STI started with a strong gap up in the opening and attempted to trade higher. STI reached as high as 3086 level before sellers attempted to profit take. 3080 resistance level seems to be a strong resistance level which prevents STI from going higher.

STI's uptrend likely to continue but trend reversal risk is still possible.

Last week, STI faces bullish reaction in the market as fears of crisis subsided after speculations of stimulus is to be emplaced. This brought buyers to enter the market on Monday which lead STI to test 3030 major resistance. Despite a gap down start on Tuesday, the buyers still managed to push STI above 3030 level with strong volume.

Uncertainty and Volatility to persist in STI.

STI experienced a volatile week last week as economic news were affecting the market sentiment. First, news of Spain requiring a bailout package shook the market during the early week. This caused STI to open the week with 33pts lower and hitting as low as 2973 level. Despite expectations for STI hitting as low as 2950 level, STI refused to test that level during the week.