Daily Market Opinion for 28-Dec-2012

STI continues to inch higher yesterday as it struggled to gain bullish momentum. STI opened slightly higher and it surged gradually during the morning trading session. Traded volume picked up slightly and aided the upside movement. However, after lunch break, the momentum was lost and the bears were there to waiting to sell. After hitting a high of 3192 level, STI started to retreat and erase the gains for the day. Eventually, the tussle caused STI to close at 3183 level with merely 3.12pts higher. Last night, DJI experienced a volatile session and closed with 18.28pts lower. Can STI stay above 3180 level today? Or will STI continue to gain strength before the year comes to a close?

STI formed a black shooting star pattern yesterday. This pattern is a bearish reversal candle and possibly signifies that STI is facing selling pressure which ...