Daily Market Opinion for 23-Jan-2014

Yet again, it was another flat day for STI yesterday. Despite increased trading activities, STI failed to show decisive direction yesterday. It opened lowered yesterday and it started to hit a low of 3126 level. When HSI opened, STI started to follow HSI’s direction. Positive strength was seen in HSI and hence, STI follow HSI to recover its lost grounds. A high of 3136 level was made but it is unable to go beyond that level. Eventually, STI closed with a mere 0.02pts up, at 3133.74 level. Another lacklustre day was then made. Last night, DJI closed with 41.10pts down. Will the negative closing affect STI today?

STI continued to be stuck in a tight range with 20 & 50ma line pressing above. Although white candle was formed, STI is still not showing clear bullish signs in order to break its resistance ...