Daily Market Opinion for 21-Jan-2014

It was a bearish start for STI yesterday. There was no bullish continuity yesterday as the market starts to be concern of the economic situation in China yesterday. The day started with a bearish note by gapping down. There was some rebound during the opening but it failed to achieve much. A high of 3140 was only achieved as sellers were more eager to exit the market. The selling pressure was gradual yesterday as the trading volume hits the lowest for this month. A low of 3126 level was formed before STI closes at 3128.79 level. Bearish sentiment was strong as STI closed with 18.54pts down. Will STI continue to lose its grounds today? Or will STI starts to rebound towards 3150 level again?

With yesterday’s bearish action, STI is still struggling to break 3150 resistance yesterday. Black candle closing yesterday indicates that ...