Daily Market Opinion for 28-Feb-2013

STI managed to recover some of its losses yesterday after positive news from the US market on the previous night. STI opened slightly higher in reaction to the strong rebound seen in the US market. There was positiveness in the first hour of trade which pushed STI higher, but sellers were seen making use of the strength to sell into it. This caused STI to retrace before the lunch hours. After lunch hours, STI managed to gain some strength as bargain hunters started to buy into the market. Eventually, STI only gained a mere 6.86pts and close at 3261 level. Last night, DJI closed with higher again with 175.24pts up. Can STI continue this bullish strength today? How far can STI rebound?

STI closed with a small white candle with longer upper shadow. This candle can also be seen as a bullish harami ...