Market Comments (DJI / STI) – 16 May 2013

DJI – The index once again has broken new high. The resistance of 15,100 – 15,200 was held for a few days. Although DJI has reached a high of 15,301 on 15.5.13 (Wed), it closed at 15,275 yesterday. It is stil difficult to confirm that the resitance has been broken since it is only 75 pts above 15,200 for only 1 day. To be sure, I would observe for another day or so to see if it is not a false breakout.

STI – The Straits Times Index will likely to be range bounded between 3,400 and 3,500 for the rest of the week till early next week. We need to give time for the index to gain momentum to go up again or to give time for people to realise that it is time to take profit. Nonethless, the support level will be the psychological level of 3,400.

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