Daily Market Opinion for 23-Mar-2013

STI started the week by attempting to trade higher. With anticipation of the successful bailout of Cyprus, the market however, faces tough resistance from the 20ma line and 3280 level. Trading activity was also very light during the day as market participants continue to stay cautious. The opening started with a gap up as participants were positive about the Cyprus bailout outcome. The buying strength helped to push STI to as high as 3278 level before it started to lose steam. After further details of the Cyprus bailout finalise, STI started to slide lower as the European market did not show bullish reaction to the news. Before market closes, STI returned back to its opening level. STI closed with only 8.91pts higher, ending at 3267 level. Last night, DJI reacted negatively and close with 64.28pts lower.  Will STI slight lower today?  ...