Daily Market Opinion for 20-Dec-2012
STI experienced another flat day yesterday as it continues to struggle to break 3172 resistance level. STI was seen with a strong gap up opening yesterday in reaction to DJI’s strong overnight rally. However, the sellers at the resistance level were overwhelming and it caused STI to retrace during the mid of the morning trading session. The retracement was gradual throughout the rest of the day which hit as low as 3152 level before a slight rebound happens before the market close. STI ended at 3158 level with only merely 1.78pts higher. Last night, DJI returned most of its gains by dropping 98.99pts lower. Will STI continue to show bearish movement today? Or will the resistance level of 3172 be tested again?
STI showed a 3rd day of black candle yesterday. This confirms that the resistance level at 3172 is very firm ...
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