Daily Market Opinion for 18-Jan-2013

STI failed to continue its bullish momentum yesterday as sellers were preventing the price from going higher. The day started flat while it attempted to trade higher during the early hours. However, when it reach a high of 3221 level, sellers started to flood in and push STI down, capping the upside. Buyers became fearful and release the buy support which gave in to the sellers just before lunch hours. The market turned from positive figure into negative figure which the sellers were attempting to test the support at 3180 level again. Eventually, STI managed to close at 3192 level with 13.40pts down. Last night, DJI recover and surge 84.79pts. Will STI be lead by DJI’s bullishness to recover? Or will STI attempt to test 3180 level again?

STI closed with a black candle with upper shadow yesterday. This candle show that the ...