Daily Market Opinion for 13-Mar-2013

STI managed to head higher yesterday despite struggling to surge for the past 2 sessions. Positiveness from the US market had helped to lift the sentiment of the market during the opening session. Buyers flood into the market after breaking the psychological resistance of 3300 level. This buying force caused STI to head towards 3315 resistance level and test it. However, this resistance level held well as sellers start to enter the market to force the price down during the afternoon trading session. Buying efforts was capped by the sellers and further selling pressure was seen before market closing. Eventually, STI ended at 3303 level with 10.05pts. Last night, DJI ended flat with only 2.77pts up. Will STI be affect by DJI’s lack of momentum yesterday? Or will STI ignore it and test 3315 resistance level again?

A white shooting star was formed ...