Daily Market Opinion for 12-Oct-2012

Daily Market Opinion for 12-Oct-2012

STI managed to close flat despite a gap down opening yesterday. STI opened with a gap down and started to trade as low as 3021 level during the opening session, in reaction to DJI’s over night negative closing. However, positive movements by HSI helped STI to start recovering during the mid day with multiple attempts to trade positively. Positive opening from the European market lifted STI to as high as 3037 level but sellers continue to prevent STI from staying positive. Eventually, STI close at 3032 level with 2.45pts lower for the day. Last night, DJI closed with 18.58pts over despite opening in the positive region. Will STI be able to rebound towards its gap resistance today? Or will selling pressure continue to push it to 3000 support level?

 

STI closed with a white candle pattern that is similar to a bullish …