Daily Market Opinion for 25-Sep-2012

STI attempted to retrace yesterday again but it refused to enter the gap support zone between 3033 – 3057 levels. STI opened with a slight gap down in reaction to US market’s weak closing on last Friday. There were attempts to rebound during the day but they faced sellers whom are eager to let go of their positions. The selling pressure was strong during the day and it caused STI to hit as low as 3054 level before it started to rebound within the day. Positive opening in the European market helped to lift STI back up to its opening level. Eventually, STI managed to close with only 10.3pts lower at 3067 level. Last night, DJI ended with 20.55pts lower. Will STI attempt to retrace again tonight? Or will STI be ready to break out of its resistance to head for a higher ...