Daily Market Opinion for 14-Jan-2014

Daily Market Opinion for 14-Jan-2014

The start of the week was a bearish one for STI as weak economic data from US dampened the bullish mood. STI actually started the day bullishly but it was quick to face selling pressure at 3150 level which prevented STI to maintain the bullishness. Weak opening by HSI also drew concerns to the market. The selling pressure was gradual throughout the day and caused STI to hit a low of 3131 level. However, it did not close at the low of the day. Instead, STI settled at 3135.49 level with 8.38pts down for the day. Last night, DJI slide further by 179.11 points. Will STI continue to slide further today?

A long black candle was formed yesterday which confirmed the bearish candle of the previous day. MA resistance at 3150 level is definitely holding and will likely to put more selling …