Daily Market Opinion for 13-Aug-2013

STI started the week attempting to trade higher but it did not managed to make robust gains yesterday. The day started in a flat manner but it started to face selling pressure in the early hours; hitting as low as 3222 level. However, the buyers were determine to support STI and hence, pushed STI back into the positive territory. Soon, the buying strength was able to push STI to as high as 3244 level. But the buying momentum did not continue for the rest of the day. STI decided to maintain flat despite HSI trading bullishly yesterday. Hence, STI ended its day at 3232 level with 2.33pts up. Last night, DJI had a flat day with 5.83pts lower. Can STI gain more bullish momentum today? Or it will continue its sideways motion?

STI seems to be struggling to be trading above its 20ma ...