Daily Market Opinion for 11-Dec-2013

It was another day of bloodshed for STI yesterday. STI had failed to hold above 3100 support level yesterday which sends strong selling pressure into the market. STI attempted to rebound with a positive opening yesterday but it failed to sustain the bullishness despite bullish closing by DJI on the previous night. Sellers gradually enter the market after the opening hours and started to pressurise 3100 support level. This support level cracks eventually and a new wave of sellers enter the market. Buyers started to avoid the market which sends STI to drop deeper during the day. Eventually, STI closed at 3081 level with 31.92pts down for the day. Last night, DJI returned its gains and retreated by 52.40pts. Will STI retreat further today? How far can STI go today?

Breaking of 3100 support level yesterday had dampened the hope of STI rebounding ...