Daily Market Opinion for 17-Dec-2013

STI’s attempt to rebound above 3065 level failed to materialise yesterday. The market started its day with selling pressure from the resistance level which forces the market to trade in the red during the day. There were attempts to recover back toward 3065 level during the day but it was being resisted once it hit a high of 3062 level. Selling pressure also failed to depress STI further during the day as it held at the low of 3049 level. Hence, STI was seen hovering around its opening level during the day and eventually close at 3053 level. 12.25pts was being lost for the day. Last night, DJI closed with 129.21pts up. Can STI hold at its support level today or will STI attempt to break 3065 level again?

STI had an indecisive day yesterday as it ended with a doji pattern. This ...