Daily Market Opinion for 06-June-2013

Yesterday, STI failed to sustain its support at 3280 level to stage for a rebound. Instead, STI slide deeper as the market fear continue to rise. STI opened with a slight gap down yesterday. There was some effort to recover back above 3280 level during the opening session but sellers overwhelm the buyers when the regional markets were sliding into the red territory. The selling momentum was seen throughout the day and this caused STI to hit as low as 3230 level. Some profit taking action by the Shortist was seen before the market closes. This allows STI to close at 3243 level with 48.72pts lower for the day. Last night, DJI slide further with 216.95pts down. Will STI continue to slide further today? At which level will have higher probability of a rebound to happen?

Despite having bullish candle at 3280 support ...