Daily Market Opinion for 7-Dec-2012

STI experience a flat trading day as it continues to attempt to break its immediate resistance level of 2085 level. The day started with a slight gap down and selling pressure was seen throughout the morning trading session. The selling pressure seems to come to a halt during the mid day trading session and buyers started to enter the market. Throughout the whole afternoon trading session, buyers buy up gradually causing STI to trade closer to its opening again. Trading volume was not significant yesterday despite such volatile intraday action. STI closed flat with 2.28pts up, closing at 3078 level. Last night, DJI closed bullishly with 39.55pts higher. Will STI be able to test the 3085 resistance level and break it today? Or will STI continue to consolidate today?

STI ended with a black hanging man pattern yesterday. This candle implies the reluctance ...