Daily Market Opinion for 20-Nov-2013

STI ended its winning streak yesterday as the market failed to find new catalyst to fuel the bullishness further. STI opened slightly above 3200 level and attempted to trade higher during the morning session. Profit takers were waiting to exit the market and exited when STI hits a high of 3206. Buyers were wary of the selling pressure and decide not to commit positions while the profit takers continue to set further selling pressure into the market. This caused STI to hit a low of 3188 level before rebounding slightly for the closing. STI ended the day at 3189 level with 16.4pts down. Have yesterday’s price action triggered a possibility of breaking the lower level of the symmetrical triangle? Have the bullish underlying failed?

STI formed a long black candle yesterday which indicates strong selling pressure. This strong selling pressure had caused 3200 support ...