Daily Market Opinion for 18-Dec-2012
STI ended its winning streak yesterday after testing the upper gap resistance level of 3172. STI struggled to start the day with bullish opening as it opened flat. There was some buying strength in the early trading session which pushed STI to as high as 3173 level but sellers came streaming in quickly after it hit a high of 3173 level. Selling pressure was seen throughout the day causing STI to slide gradually over the day; hitting as low as 3150 level before an intraday rebound was seen. Eventually, STI closed at 3158 level with 9.73pts lower. Last night, DJI performed bullishly and closed with 100.38pts higher. Will yesterday’s price action trigger a reversal point for STI? Or will STI’s underlying bullishness sustain and seek for a higher level?
STI ended the day with a black candle with upper and lower shadow. This ...
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