Daily Market Opinion for 05-Apr-2013

Daily Market Opinion for 05-Apr-2013

STI struggled to stay bullish yesterday after an indecisive trading session yesterday. STI experienced a weak opening in reaction to the weak closing by DJI on the previous night. There was some attempts to rebound above 3315 level during the early trading session but it flutter off after sellers entered the market. Before lunch hours, STI struggled to stay close to 3315 level. And before market closes, further selling pressure was seen which caused STI to close at 3307 level, with 13.97pts lower. Last night, DJI managed to reverse its bearish state and close with 55.76pts up. Will STI be able to take the lead from DJI and rebound today? Or will STI continue to retrace?

STI closed with a small black candle yesterday. This bearish candle could have indicated that STI is heading for a retracement action. Given that the indicators are …