Daily Market Opinion for 02-July-2013

Daily Market Opinion for 02-July-2013

STI’s bullishness had come into a halt in reaction to the Government’s implementation of property loan curbs. Banks and properties stocks got a hit yesterday as this measure will hurt their business underlying. The morning opened with a gap down as market participants flee from the banks and properties counters. There was further selling pressure during the morning trading session to as low as 3132 level. STI attempted to rebound before lunch hours; reaching as high as 3151 level before selling pressure sets in again. Eventually, STI settled at 3140 level with 9.51pts down for the day. Trading activity was light. Last night, DJI ended with a positive note of 65.36pts up. Will STI start to slide further today?

STI ended with a black candle which signifies a bearish reversal pattern at 3150 resistance level. This indicates that STI might be facing resistance …