Daily Market Opinion for 14-Aug-2013

Daily Market Opinion for 14-Aug-2013

STI managed to make gains yesterday as it continues to rebound off its support level. The opening started with a gap up above 3230 level which helps STI to stay above 3230 level for the rest of the day. There were some selling actions but buyers were quick to snap up the shares whenever there is selling pressure. Similarly, the upside of the market also became limited as buyers were unwilling to commit to buy at a higher price; thus, putting an upside cap at the high of 3247 level. Hence, trading activity was mixed yesterday despite STI pulling off a gain of 11.88pts. STI closed at 3244 level with moderate trading volume. Last night, DJI ended slightly higher with 31.33pts. Can STI continue to make the gains today? Or will STI flutter off after 2 days of ascend?

STI had managed to …