Daily Market Opinion for 22-Nov-2012

STI struggled to trade higher yesterday as it faces mixed reactions in the current market sentiment. The day started with a slight gap up and it struggled to find its direction during the early trading session. STI traded within the range of 2953 – 2967 levels during the day with interaction between the bulls and the bears, causing the volume to stir up a little. Listless European market opening did not help STI much. Hence, STI ended the day flat with only 1.48pts higher. Last night, DJI managed to take the positive side and close with 48.38pts higher. Will STI be able to continue towards its resistance at 2980 level today? Or is reversal in the cards currently?

STI closed with a doji like candle yesterday with upper and lower shadow. This candle formation shows the indecisiveness that market is trading in yesterday ...