Daily Market Opinion for 04-Mar-2014

STI ended the day with a bearish note as concerns from Russia and Ukraine spurred sellers to exit the market, scrambling with fears. The day opened with a gap down action where panic selling starts to occur. When STI hit a low of 3067 level, some bargain hunters were not convicted of the impact of the news and started to enter the market before noontime. Buying strength continued to a high of 3088 level before selling starts to set in gradually. Before closing, there seems to be short covering happening which helped STI to close its gap for today. STI concluded at 3087.47 level with 23.31pts down. Last night, DJI closed with 153.68pts down. Will Russia and Ukraine concerns escalate STI’s drop further today?

Yesterday, STI closed with a white candle with lower shadow. This candle indicates that it tested a ...