Daily Market Opinion for 21-Mar-2013

STI returned its gains of the previous day back yesterday. Fresh worries from the Cyprus bailout brought fear into the market again. STI opened with a gap down which demolishes all the previous day’s gain but the losses was short lived. Buyers started to flock in the market to push it back to previous day’s level till as high as 3265 level. However, buyers withdraw their buying strength during the pre-opening of the European market as fears starts to arise. Many took the bullish opportunity to sell into strength which leads STI to tumble back to its opening level. Eventually, STI closed much lower for the day with 20.73pts down and ended at 3248 level. Last night, DJI managed to recover 55.91pts. Can STI recover its losses? Or will STI continue to drop lower today?

STI closed with a black candle with upper ...