Daily Market Opinion for 30-Jan-2013

STI failed to maintain its bullishness yesterday and might start a retracement action after failing to stay above 3269 level. The day started flat but sellers were seen dominating the market since the opening session. Multiple attempts to stay above 3269 level were seen throughout the day as the market is still reluctant to retrace. The day traded in the very tight range as traders were seen reacting indecisively as they were unsure whether STI is ready to retrace deeper. The turning point came before closing. Sellers pushed STI lower than 3269 level and created a lower closing at 3259 level. Hence, STI was seen trading 14.16pts lower for the day. Last night, DJI reverse its losses with 72.49pts of gains. Can DJI help STI to recover its lost grounds? Or will STI continue to retrace towards its support today?

A solid black ...