Daily Market Opinion for 08-May-2013

STI faced another day of desire to trade higher but failed to do well. STI started the day with slightly higher opening as it reacted to DJI’s flat market closing. There were attempts to trade higher during the morning session but it was soon being tampered off by the sellers during the lunch session. STI reached as high as 3397 level where selling pressure starts to set in. The afternoon session was seen to be a profit taking session where weak holders started to exit the market in fear of further retracement is to set in. Before closing, the market weakens further and eventually closed lower than its opening. STI ended at 3382 level with only 0.87pts higher. Last night, DJI ended with 87.31pts higher. Can STI continue to reach out for its resistance level of 3430?

STI was seen struggling to trade ...