Daily Market Opinion for 09-Jan-2014

STI staged a strong rebound yesterday as it reacted to the strong closing from DJI on the previous night. The day opened slightly higher and was able to maintain the bullishness despite some selling pressure happening in the early trading session. The buying strength pushes the market higher during the morning session but at the mid day, STI hovered horizontally. Further buying strength came in only before market closing time, which made STI to be able to close at its high of the day. STI closed at 3150.56 level and gained 29.77pts yesterday. Last night, DJI failed to maintain the buoyancy and close with 68.20pts down. Can STI maintain its bullishness today?  Or will selling pressure continue to seep in today?

A long white candle appeared yesterday. This candle had confirmed the inverted hammer reversal candle yesterday. The price action could ...