Daily Market Opinion for 2-Oct-2012

STI was down slightly yesterday after lacking of leads from HSI as HSI is closed for holidays till Tuesday. STI opened lower in reaction to DJI’s last Friday’s negative closing. Selling pressure continued for the morning trading session as traders were worried of the declining economic numbers in China. However, buyers started to support the market when STI comes close to 3040 level, pushing STI back above its opening price. Eventually, STI was able to close with only 2.48pts lower for the day. Last night, DJI recovered 77.98pts with bullish expectations. Can STI break its gap resistance today? Or will STI continue to test its major support level at 3040 level?

 

STI closed with a white candle with long lower shadow yesterday. This candle could have failed the bearish counterattack candle on Friday. Furthermore, the long lower shadow and white candle closing …