Daily Market Opinion for 06-Dec-2013

Around of bloodshed occurred for STI yesterday as market participants continued to be concerned of today’s employment data of US. Many speculated that good results will heighten the most talk about tapering process. With fear looming the market, traders exited the market during the opening which broke 3160 support level immediately. There were attempts to trade back above 3160 level during the day but many made use of the intraday rebound to close their positions. This forced STI drop gradually towards its immediate support level at 3120 which STI tested and held slightly above it during closing. STI ended the day with 36.32pts down and closed at 3124 level with heavy volume. Last night, DJI was down by 68.26pts. Will STI slide further today? How low will STI go?

With the breakdown of the triangle, yesterday’s price action was expected to happen and ...