Daily Market Opinion for 11-Jan-2013

STI had a volatile day yesterday and managed to inch higher during closing. With overnight strength from DJI positive closing, STI managed to open with a gap up at 3231 level and traded as high as 3235 level before sellers enters the market. Selling action forces STI to drop gradually during the day to as low as 3217 level where it refuses to trade low. Before closing, buyers supported the market and pushed the market back up close to its opening level. These actions ended up at 3226 level with 5.84pts higher. Traded volume was average. Last night, DJI managed to head higher with 80.71 due to positive reaction to China’s data. Will STI be able to trade higher and break its recent high level? Or will STI continue to consolidate today?

STI closed with a black candle with both upper and lower ...