Daily Market Opinion for 17-Jan-2014

Yet again, STI was unable to climb higher than 3150 resistance level despite strong bullish closing by DJI on the previous night. There was bullish hope during the morning trading session as STI opened with a gap up action to 3150 level. STI managed to stay above 3150 level during the first hour before starting to wither off after hitting a high of 3155. Weakness sets in throughout the day as trading interest continues to be lacklustre. For the day, STI had hit as low as 3135 level before it managed to rebound and close at 3140.44 level. STI closed with 2.81pts for the day. Last night, DJI retreated 64.93pts. Will STI continue its bearishness today?

As expected, 3150 resistance level is a tough nut to crack. This resistance caused STI to close the day with a black candle; indicating that the ...