Daily Market Opinion for 4-Oct-2012

Daily Market Opinion for 4-Oct-2012

STI failed to test 3080 resistance level as concerns of the European issues and economic issues in China dampened the bullish mood. The opening of HK market did not help to lift up the trading sentiment after 2 days of holidays. STI traded flat yesterday while facing selling pressures during the day. STI opened slightly above 3080 level at 3082 but sellers came flooding into the market to push the price down. Despite positive opening by HSI, STI slide further into red to as low as 3065 during the mid day. Bullish buyers were seen at that low level and they started to support STI back to closer to its opening level. Eventually, STI managed to close with a mere 2pts lower at 3077 level. Last night, DJI had a volatile session and closed with 12.25pts up. Will STI be able sustain its bullishness …