STI breakout from 2850 in HIGH VOL!

On 10/Mar, STI ended up 22.75 points, or 0.8%, at 2,862.29, with HIGH VOL of 1.65 billion shares traded compared with 1.17 billion shares Tuesday. On the broader market, gainers outnumbered losers 361 to 152. Overall it has been a bullish day for STI as the VOL is high; the rally is in broad based and most importantly we breakout from the gap resistance @ 2850

We have no major news today but one of the reasons that created this rally could be due to the VOL for US market recovered yesterday. S & P 500 VOL increases by approximately 1.5 times than the average VOL which somehow gives the impressive that the buy up strength is still strong. However do note that S & P 500 closes with yet again another Doji like candle stick for market indecisive.

Most of the traders will be watching the developments closely, fearing that a bearish technical signal may be forming. In order to feel bullish, the S&P 500 needs to close above 1150 and if we fail at that level we’re looking at a double top, a very bearish technical sign.

In addition, palm oil group Golden Agri-Resources raised 6.2% to S$0.595 since crude palm oil futures surged on a record low in end-month stock levels in February.