Daily Market Opinion for 12-June-2013

STI failed to sustain its rebound yesterday and instead, went down further. STI opened flat and attempted to gain some bullish momentum but it only faced sellers whom are eager to exit the market. In the whole morning session, STI faced selling pressure which pushed STI below 3180 support level. STI hit as low as 3159 level before it started to rebound slightly during noon session. However, the rebound failed to return back above 3180 level as sellers were waiting to exit the market at that level. Eventually, STI closed at 3170 level with 30.13pts down for the day. Last night, DJI fell further with 116.57pts down. How low will STI go currently? Will STI stage a rebound soon?

STI failed to hold its 200ma line again yesterday after breaking 3180 support level. It is a convincing break of 3180 support level because ...