Daily Market Opinion for 05-Mar-2014

The tension between Russia and Ukraine started to ease off yesterday which brought relief to many market participants. This caused STI to open flat despite a weak closing by DJI on the previous night. Confidence started to enter the market only after lunch hours; causing STI to reach as high as 3114 level. Some concerned sellers exited the market before market closing which caused STI to end at 3104.71pts instead. A total of 17.24pts was gained yesterday. Last night, DJI was seen rebounding 227.85pts. Will buying confidence start to set in today? Or Ukraine concerns still continue to affect the market today?

STI ended its day with another white candle pattern yesterday. 4 consecutive days of bullish candle indicates that the market’s bullish underlying could still be intact despite the Ukraine concerns. Short-term indicators started to have changes after today’s positive closing. ...