Daily Market Opinion for 23-Nov-2013

Daily Market Opinion for 23-Nov-2013

STI started the week positively as bargain hunters enters to market to support. STI opened with a gap up at 3185 level. This gap opening failed to gain traction as sellers make used of the opportunity to exit the market. The selling action had pushed STI to as low as 3174 level; striking fears of inability to close higher. However, bargain hunters were confident and managed to push STI back to 3180 resistance level. This helps STI to close at 3180 level and 7.8pts of gains was achieved for the day. Last night, DJI was trading flat with 7.77pts up. Without bullish catalyst from the US market, can STI break 3180 resistance level today?

STI was facing resistance at 3180 level yesterday. This resistance coincides with the gap resistance between 3176 – 3182 levels; hence, making it a tough resistance to crack. Black …