Daily Market Opinion for 11-Mar-2014

STI decided to take the consolidative mode yesterday after breaking out from 3120 resistance level. The day started flat but selling pressure starts to set in after opening. HSI’s negative opening impacted the sentiment of STI which made it remain bearish for the rest of the day. Before closing, STI made a low of 3117 level before short covering starts to occur. The short covering helped STI to rebound and gain some lost grounds. This allows STI to close at 3126.63 level with only 9.63pts down for the day. Last night, DJI with 34.04 pts down. Can STI maintain at its breakout level today or will it consolidate further?

STI managed to hold at 3120 support level yesterday by forming a black candle with lower shadows. This means that the bullish strength is still intact despite the bearish closing. Short-term indicators remain ...