Daily Market Opinion for 05-July-2013

STI was seen rebounding yesterday as it refuses confirm its lower high formation. STI headed back to its resistance level of 3150 to test it. The opening was a gap up as STI reacted to DJI’s previous night bullish closing. However, it seems to be struggling to maintain the gain in the morning session which hit the low of 3130 level. Further buying strength entered the market during lunch hours which helped STI to test 3150 level again. The highest that STI had reached during the afternoon session was 3161 level. Profit taking was seen before closing which caused STI to close at 3147 level. STI was up by 17.63pts for the day. Trading volume was very weak during the day. DJI was closed last night for holiday. Can the weak volume sustain STI’s bullish strength? How will STI end this week?

STI ended ...