Daily Market Opinion for 12-Sep-2012

STI continues to struggle with its upside again yesterday. The 50ma line continues to prevent STI from heading higher. During the opening, STI opened slightly higher and it managed to maintain its bullishness despite some selling pressure in the morning. The trading actions remain flat for nearly the whole day with several attempts to rebound higher after nearly testing the support at 3000 level. Positive closing of HSI and opening of European market helped STI to stay in the positive range before closing. Eventually, STI managed to close at 3016 level with 7.68pts higher for the day. Last night, DJI closed with 69.07pts higher. Can STI continue its rebound today? Or has the rebound ended?  

 

STI closed with a white candle with little lower shadow yesterday. This shows that the bearish candle on the previous day failed to reverse the current …