Daily Market Opinion for 4-Dec-2012

Daily Market Opinion for 4-Dec-2012

STI tested its resistance level and failed to sustain it bullishness which led to bearish closing yesterday. STI experienced a buoyant start yesterday by opening at 3086 level; testing 3085 resistance level. There were some attempts to trade higher in the morning but the bullishness was not supported by buyers. Profit takers made use of the opportunity to sell into strength causing STI to creep down slowly, returning the gains made during the opening. HSI traded into the red region which triggered more selling pressure into the market after lunch hours. This caused STI to reach as low as 3059 level before closing at 3065 level, which leads to 4.21pts lower for the day. Last night, DJI also failed to sustain its bullish start and ended with 59.98pts lower. Will STI continue to retrace further today? Or has the retracement been done?

STI …