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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.

Daily Market Opinion for 25-Jul-2012

Yesterday, STI recovered part of the losses as market participants started to digest Spain’s debt issues and possibility of bailout. STI opened with a gap up yesterday morning as buyers entered the market hoping that the retracement has been done. Despite strong bullish actions in the 1st hour into the trading session, STI was trading flat for the morning session.

Daily Market Opinion for 24-Jul-2012

STI started the week with a deep retracement as STI reacted to the news on Spain’s need for a full bailtout for its state. This caused STI to open with a gap down yesterday and the immediate support of 3000 level was broken almost immediately. Attempts to rebound during the day were unfruitful as 3000 level might have turned into a resistance level.