Daily Market Opinion for 18-Dec-2013

Daily Market Opinion for 18-Dec-2013

STI snap into rebound mode after strong finishing by DJI on the previous night. STI started the day with a gap up action causing it to be above 3065 resistance level. This bullish action was sustainable for a while as it hits a high of 3077 level. However, the bullish momentum started to wither off during the day. Market participants made use of the bullishness as an opportunity to exit the market. Selling pressure was seen later in the day to close off the gap that it had created in the morning. Eventually, STI was able to still close above 3065 level as it ended at 3067 level. A gain of 13.8pts was made yesterday. Last night, DJI closed flat with 9.31pts down. Will STI also follow DJI’s closing? Or will STI continue to seek for its resistance level?

A black candle was …