Daily Market Opinion for 29-Oct-2013

It was a quiet start of the week for STI despite good showing by the US market on last Friday. The day started with a gap up action but it was not enough to breaking STI to its resistance at 3230 level. Since the start, it struggles to maintain its bullishness and start to slide down slowly. Trading action was lacklustre during the morning session and many choose to stay cautious. After lunch, further selling pressure starts to appear which caused STI to lose much of its gains in the morning. At the end of the day, STI closes with merely 2.61pts up and ends at 3207 level. Last night, DJI was seen trading flat with only 1.35pts down. Will STI be lacking of direction today? Or will retracement pressure push STI down today?

STI’s movement yesterday had shown that STI is still ...