Daily Market Opinion for 21-May-2013

It was another indecisive day for STI yesterday. STI continues to struggle on its upside as market confidence remains cautious yesterday. STI opened with slight gap up and it struggled to maintain its bullish opening. It attempted to trade higher in the early session and reached as high as 3458 level but sellers entered the market to push it back down. The selling pressure was strong and it made STI to hit as low as 3443 level during the noon period before it started to hover back to its opening level. Trading activity was low throughout the day as if the market went on a holiday. Eventually, STI managed to close with a positive note. STI gained 4.93pts and closed at 3454 level. Will this lacklustre market movement continue today? Or will STI attempt to retrace back to 3430 support level today?

STI had ...