Daily Market Opinion for 18-Feb-2014

It was a great start for STI this week as strong earnings report from local banks had lifted the market up. The day open with a gap up action in reaction to DJI’s positive closing on last Friday. Bullish strength started to build up in the banking sector during the morning trade which caused STI to rise higher. The bullish strength got tapered off near to lunch time but subtle bullishness was seen for the rest of the day. A high of 3071 level was hit before STI decides to close slightly lower. STI ended at 3069.28pts with 30.57pts up for the day. Last night, DJI was closed. Will STI be able to continue to perform today despite lacking of leads from DJI?

Yet again, another set of bearish reversal candles failed to confirm yesterday. STI was seen breaking the 20ma resistance line ...