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Bullish divergence spotted in STI, potential trend reversal.

Last week, STI had a volatile week as it not only dropped deeply, it also rebounded strongly. The week was started off with a strong gap down, reaching as low as 2698 level, due to weak US job data. But STI was quick to recover in the mid week and reached as high as 2775 level before it started to retrace back to close at 2737 level.

Daily Market Opinion for 7-Jun-2012

STI rebounded strongly yesterday and managed to break its gap resistance between 2715 – 2737 levels. The bullish strength was due to hopes on the European Central Bank (ECB) to introduce easing measures to calm the market. However, the ECB decided to keep the interest rate unchanged last night during their meeting.