STI Update - 1 Aug 2012

STI looked like it is going to have a National Day Rally! It broke above the key 3,035 resistance after 4 failed attempts that lasted since March this year. Usually, if a resistance breaks after 3 attempts, I would classify it as a significant break. This is somewhat surprising since the situation in Europe is still unclear but something you may want to bear in mind is that stock market usually moves 6-9 months ahead of fundamentals. Happy trading!