Daily Market Opinion for 28-Feb-2014

STI was seen recovering slightly yesterday but it continued to be plagued with cautions. The opening was weak as STI attempted to trade lower. It hit a low of 3082 level before it started to rebound due to the bullish HSI market. STI took direction from the Hong Kong market during the day and was able to achieve a firm rebound. A high of 3101 level was made before some profit taking pressure entered the market. The gains were well maintained during the day and STI managed to close at 3096.74 level with 8.49pts worth of gains. Last night, DJI was able to rebound with 74.24pts of gains. Will STI be able to rebound further today? Or will further retracement set into the market?

STI formed a white candle yesterday which signifies a possible bullish reversal. This coincides with the 50ma line ...