Daily Market Opinion for 26-Feb-2014

It was another flat day for STI as it experiences another day of unwillingness to stay higher. STI started the day strongly to US market’s bullish closing, but it failed to sustain it during the day. Selling pressure came right after hitting a high at 3121 level where it faced resistance pressure. STI dropped gradually during the day as it coupled with lacklustre trading activities. A low of 3101 level was reached before closing. With this selling pressure that was seen during the day, STI closed with 2.22pts down, ending at 3103.62 level. Last night, DJI was seen sliding by 27.48pts. Will STI continue to attempt to go higher or is it ready to start retracing?

STI formed a longer black candle yesterday. This black candle indicates that the resistance at 3120 level is very strong and it is preventing STI from ...