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Daily Market Opinion for 29-Aug-2012
By Jay Chia - Your Financial Mentor  •  August 29, 2012

Daily Market Opinion for 29-Aug-2012

Cautious trading sentiment continues to plague the market as many were patiently waiting for the US Fed reserve’s chief speech on possible stimulus plan. STI opened with a slight gap down testing the support level of 3040 again. There were some attempts of rebounds seen during the day but it continues to face selling pressure. The trading volatility was light yesterday and the trading transactions were very thin yesterday. Eventually, in this quiet market, STI closed at 3040 level with 4.42pts down for the day. Last night, DJI failed to sustain its levels and close with 21.68pts down. Will the key support level of 3040 level hold or break? Or will this cautious sentiment continues?

 

A doji with upper shadow was formed yesterday. This candle signifies indecisiveness during the day but its upper shadow shows that the market is still facing selling ...

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By Jay Chia - Your Financial Mentor
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