Daily Market Opinion for 09-Apr-2013

Daily Market Opinion for 09-Apr-2013

STI started the week with further retracement action as concerns on North Korea threat and the outbreak of new bird flu strain shook the market. STI opened slightly down and was greeted with more sellers. This pushed STI to as low as 3288 level before bargain hunters starts to enter the market. This helped STI to recover back to its opening level but it was not enough to counter the selling pressure. Another flow of sellers entered the market during the lunch hours which caused STI to remain on the bearish side. Eventually, STI ended as a bearish day with 13pts lower and closed at 3285 level. Last night, DJI managed to recover its losses by gaining 48.23pts. Will STI be able to recover its lost grounds today? Or will STI continue to retrace today?

STI ended with a black candle pattern yesterday. This …