Daily Market Opinion for 04-Dec-2013

Daily Market Opinion for 04-Dec-2013

It was a flat day for STI as it struggles to maintain its bullish momentum yesterday. STI opened with a gap down action but buyers were still eager to enter the market. This intraday buying momentum helped STI to regain its losses during the day. A high of 3197 level was reached before sellers enter the market to take profit. Before closing, selling pressure continued and forced STI back to its previous day’s level. After a whole day of bullish and bearish battle, STI close with just 1.09pts down. Trading volume improved slightly yesterday. Last night, DJI lost 94.15pts. Will DJI’s negative closing cause STI to lose further today? Can the support at 3180 level hold?

The price action by STI was an interesting one yesterday as it showcased the struggle that STI is undergoing now. 3180 level held well yesterday despite being …