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Daily Market Opinion for 19-Jun-2012

STI was buoyant by the results of the Greek Election as the party with pro-bailout plans was being elected. With such buoyant mood, STI gapped up strongly as fears of European Crisis starts to ease. The opening price immediately reached 2849 level which broke the resistance level of 2830.

Greek pro-bailout parties won the election. STI might head further.

Last week, STI was up by 73.11pts despite the possibilities of the Greek exiting the EU after its election on Sunday. Many were concerned about the outcome of the Greek election and choose to stay cautious during the week. However, risk takers and bargain hunters were seen throughout the week to pick up long positions which caused STI to trade with an upside tendency.

Bearish sentiment to persist in STI this week.

STI started last week by attempting to rebound from its recent low level but it faced gap resistance between 2798 – 2812 levels. STI failed to break the gap resistance level and instead started to retrace back to its recent low. The main cited reason for the retracement was due to the concerns of the Greeks withdrawing from the Euro zone.

Daily Market Opinion for 5-Jun-2012

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