Daily Market Opinion for 13-Sep-2012

STI managed to break the 50ma line yesterday after a strong gap up opening. The gap resistance at 3033 – 3041 was tested yesterday but failed to 3040 resistance level. STI managed to hit as high as 3035 level during the early hours but did not sustain the bullishness. Sell pressure started to pile up before lunch which caused STI to 3021 level, closing the gap it had created during the opening. As the European market open with a positive note, STI was lifted back close to its opening price. Eventually, STI ended at 3029 level with 13.26pts up for the day. Last night, DJI failed to sustain its bullish opening and ended with only 9.99pts up. Will STI be able to break these resistances at 3040 level?   

STI ended with a black hammer like formation yesterday. It can be deemed ...