Daily Market Opinion for 27-Nov-2012

Last Friday’s positive DJI closing plus good outcome of the Black Friday sales had help STI to trade higher and test 3000 level yesterday. STI opened with positiveness by gapping up slightly above 3000 level. There was some profit taking action early in the morning but buyers were able to overcome the sellers. STI managed to maintain slightly above 3000 level throughout the day and even managed to hit a high of 3010 level before profit taking takes place before closing. Trading action was mild during the day as the trading volume continues to be lacklustre. Last night, the bullishness in DJI tampered off as it closed with 42.31pts lower. Can STI maintain itself above 3000 level today? Or will STI starts to retrace and form a lower high currently?

STI closed with a white star pattern yesterday. This candle signifies indecisiveness in ...