Daily Market Opinion for 31-July-2013

STI faced another day of volatility as STI attempts to rebound yesterday. STI started the day with a flat opening which accompanied with selling pressure. The selling pressure pushes STI to as low as 3222 level before bargain hunters started to enter the market. 3230 support level held well and further rebound strength was seen during the afternoon session. The bullish strength pushed STI to as high as 3258 level before sellers starts to set in again. Tussle between the bulls and bears were felt again yesterday. Eventually, STI managed to end its day with gains of 8.48pts, ending at 3245 level. Last night, DJI closed flat with just merely 1.38pts down. Will STI be able to gain bullish momentum currently or will STI continue to test its support at 3230 level?

STI continues to test its 50ma support line yesterday as it ...