Daily Market Opinion for 19-Sep-2012

Yesterday, STI failed to stay positive after DJI’s weak performance on the previous night. STI opened down slightly and started to slight further during the early trading session. STI tried to recover numerous times during the day and it continued to hit with selling pressure which prevented STI from recovering back to its previous day’s level. European market’s opening set the pace for STI’s closing which made STI to close lower decisively. STI ended at 3067 level with 10.74pts lower for the day. Last night, DJI opened negatively but it managed to recover back to the previous day’s level and closed with 11.54pts higher. Will STI benefit from DJI’s positive closing last night?

STI formed a black candle with little lower shadow yesterday. With consideration on the previous day’s small black candle, STI could have formed a bearish evening star formation. The short-term ...