Daily Market Opinion for 14-Sep-2012

STI ended flat yesterday despite its attempts to trade lower yesterday. STI opened with a gap down as it lack of leads from the US market on the previous night. Selling pressure was seen in the morning session which causes STI to hit as low as 3013 level before it started to rebound after lunch hours. Buyers’ strength grew as they anticipated a strong opening in the European market while HSI started to trade positively. Eventually, STI managed to recover lost points and close with only 0.48pts higher. STI ended at 3030 level. Last night, DJI closed strongly with 206.51pts higher after confirmation of QE3 package to be introduced to the market. Will STI be able to break its resistance at 3040 level after the QE3 package announcement? Or will the retracement set to start?   

STI closed with a white candle ...