Daily Market Opinion for 22-Jan-2014

STI clocked a flat day yesterday as the market continues to be in an indecisive mode. STI opens with intention to trade higher during the day but it continues to be lacking of conviction to trade higher. During the day, it managed to reach as high as 3142 level but it soon faces resistance at that level. Sellers started to exit market and put downward pressure to STI. This caused STI to close at 3133.76 level yesterday. Only 4.97pts was gained during yesterday’s price action. Last night, DJI returned 44.12pts of gains. Will STI also return its gains today?

STI’s attempt to rebound yesterday showcased its efforts to remain bullish. However, it is still lacking of conviction. It might have ended as a white candle but its upper shadow formation indicates that STI is facing resistance from both 20 & 50ma line ...