Daily Market Opinion for 04-Sep-2013

Daily Market Opinion for 04-Sep-2013

It was a flat day for STI as it struggled to head higher while it was lacking of direction from the US market which closed for Labour Day. STI opened slightly down as there was some profit taking pressure and it attempted to trade higher during the morning session. It managed to hit as high as 3062 level but it was being struck down by bearish sellers during the mid of the day. STI then swung back into red before staying stagnant for the rest of the day. There was lack of trading participation as STI ended the day with another low volume encounter. STI close with only 0.94pts lower and stayed at 3054 level. Last night, DJI closed with 23.65pts higher. Will STI continue to stay clueless today? Or will STI start its lower high formation to continue its downtrend movement?

The …