Daily Market Opinion for 31-Dec-2013

Daily Market Opinion for 31-Dec-2013

Today will be the last trading day of the year and it will decide how well STI had performed for the whole year. It is exciting to see that the market had been doing the Christmas rally for the past few trading sessions. Yesterday, STI was still able to achieve gains during post Christmas. It is an encouraging sight as this positiveness will usher the market into the New Year. STI was seen opening with a gap up action yesterday morning, nearing 3160 resistance level. A high of 3164 level was being achieved during the morning session but it failed to sustain. Low trading volume caused STI to creep down slowly during the day; dropping below 3160 resistance level. When STI hit a low of 3150 level, it attempted to rebound back to 3160 level. But, buying strength was lacklustre, causing STI to close at …