Daily Market Opinion for 05-Dec-2013

Bloodshed was seen in the market yesterday as the support at 3180 fails to hold on. STI started the day with attempts to hold above 3180 level while it manages to rebound during the first hour of the day. As it hit a high of 3187 level, sellers started to enter the market which forces STI back to its opening level. Further selling pressure was then triggered when 3180 support level breaks. A low of 3151 level was hit as selling frenzy started. Before closing, STI managed to recover slightly and end its day at 3160 level. For the day, STI shed 26.97pts. Last night, DJI continued its losing streak by ending 24.85pts down. Can STI regain back its lost grounds today? Or will STI break its support at 3160 level and head lower today?

Yesterday’s price action had made a decisive action ...