Daily Market Opinion for 15-May-2013

STI was seen trading as a mixed day yesterday. STI managed to open with a slight gap up in the morning and attempted to trade higher. It hit as high as 3445 level before profit takers starts to enter the market to sell on strength. This selling wave causes STI to briefly hit a low of 3425 level before recovering again. For the whole day, the exchange between the profit takers and buyers caused a lot of indecisiveness in the market. Eventually, STI did not manage to close at its opening level; it closes at 3432 level with 3.8pts higher. Last night, DJI closed with 123.57pts higher. Will STI be able to continue to trade higher today? Or will STI continue to consolidate with mixed market movement?

STI closed with a black candle with both upper and lower shadow. This candle shows the ...