Daily Market Opinion for 13-Nov-2013

STI failed to continue its rebound yesterday as new concerns loom the market. Market participants stayed cautious as concerns on possible changes in the economic policy in China. These concerns lead to failure in opening higher yesterday and selling pressure was seen throughout the day. There were attempts to rebound during the early trading session but when it hit a high of 3189 level, buyers failed to support the rebound and selling pressure overwhelmed. The drop was slow and gradual during the day and forced STI to close at 3180 level. 6.47pts worth was lost despite the bearish response during the day. Last night, DJI shed some 32.43pts. Will STI be retracing further today? Or will the support hold and consolidate for a rebound?

The bullish harami pattern failed to confirm yesterday as STI did not end higher. This shows that the market ...