Daily Market Opinion for 29-Nov-2013

Daily Market Opinion for 29-Nov-2013

STI was seen attempting to rebound strong yesterday but it faces selling pressure. The day started with a slight gap up action pushing beyond 3180 level. Buyers turned positive and started to enter the market confidently. The buying strength pushed STI to as high as 3199 level during the day and it started to face resistance. Profit takers started to set into the market after lunch time and the chuck of gains was being returned after closing. At closing time, STI close at 3186 level and managed to make a gain of 14.31pts. Will STI be able to maintain its gains today? Or will the Friday sentiment cause participants to exit the market?

It is interesting to see that STI is still having bullish strength to attempt to reverse the trend back to uptrend. Breaking of 3180 resistance level can be considered a first …