Daily Market Opinion for 15-Mar-2013

STI experienced another day of retracement yesterday as profit taking action starts to materialise after hitting the resistance at 3315 level. The day started flat as DJI did not show any strong bullish performance on the previous night. STI struggled to keep its head up during the morning session but selling pressure starts to coming in after lunch hours. 3280 support level was being tested and the buyers were fighting to hold this support level. In the end, STI close at 3279 level with 9.02pts lower. Last night, DJI continued its bullish charge by closing 83.86pts higher. Can STI rebound today? Or will STI retrace further today?

STI formed a black candle with short lower shadow yesterday. This coincides with the bearish readings from the short-term indicators. Hence, this can lead to further selling pressure to be seen for STI today. However, as ...