With the market buoyed by Bernanke's speech on keeping interest rates low and positive US data from inventories, umemployment rate, STI has been on a roll! It looks set to break its bearish trend as it surges above the 3240 resistance level.
Like i said last week there could be two outcomes, now that STI has rebounded. It could trade sideways in a consolidation phase or it could surge upwards and form the start of a new cycle. STI is trading near to the 50D and 100D MA resistance so do look out for selling effect.
one thing is for sure. STI has formed a higher high, the first in few weeks and that is good news. Buyers are in play again and shortists must watch out!
With interest rates set to be kept low, that is good news for REITS as well as Property stocks.
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