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Daily Market Opinion for 21-Nov-2013
By Jay Chia - Your Financial Mentor  •  November 21, 2013
Daily Market Opinion for 21-Nov-2013

Daily Market Opinion for 21-Nov-2013

STI continues to slide further yesterday and nearly erased last week’s gains. The day started with an attempt to trade higher but it started to face selling pressure upon hitting a high of 3202 level. The resistance at 3200 level was firm and this caused STI to be unable to regain it bullish momentum. During the day, sellers became wary and selling pressure entered the market gradually. Towards the closing time, STI hit a low of 3182 level before rebounding slightly to close at 3184 level. Another 7.85pts was lost yesterday. Last night, DJI was down by 66.21 as weak economic data concerns were looming the market. Has STI started to form a downtrend cycle? What is the last line of defence for STI currently?

A third consecutive black candle was formed in STI yesterday. This indicates that bearishness had overtaken the market ...

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By Jay Chia - Your Financial Mentor
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