Daily Market Opinion for 20-Sep-2012

STI managed to recover slightly yesterday as it refuses to drop lower. The bullish strength mainly came from the bullish closing of DJI on the previous night, which helped STI to open positively. Sellers was seen in the early hours pushing STI to as low as 3068 level before buyers starts to enter the market. After lunch hours, STI was pushed to as high as 3085 level as regional market strengthen the positiveness in sentiment. However, STI’s closing was weakened by profit takers but it still managed to maintain its positiveness. STI ended at 3075 level with 7.65pts higher. Last night, DJI closed flat with merely 13.32pts higher. How will STI react today? Will STI be able to break its 3080 resistance level today?

STI closed with a white shooting star formation today. This candle did not confirm the continuation of bearish ...