Daily Market Opinion for 10-Jan-2013

STI managed to avoid further losses as it managed to recover some of its previous day’s losses. Positiveness was seen at the beginning of the day as STI managed to open slightly higher. The climb was gradual throughout the day while it struggled slightly when it faces 3215 resistance level. However, positive sentiment from the regional market helped to lift STI back above this resistance level again. The bullishness helped STI to reach as high as 3224 level before it starts to ease before market closing. STI closed for the day with 14.89pts higher and ended at 3220 level. Last night, DJI managed to recover 61.66pts. Will STI starts to continue its bullish run today? Or will it still consolidate?

STI formed a bullish harami pattern yesterday as it managed to recover most of its previous day’s losses. This candle pattern implies that ...