Daily Market Opinion for 14-Mar-2014

Selling pressure continues to set into STI yesterday. The MA support from the 20 & 50ma line failed to hold their support level yesterday as China concerns continue to weight on the market. STI opened slightly down yesterday and attempted to rebound. However, the rebound was unfruitful as it only hit as high as 3096 level. Selling pressure continued through the day as STI slide gradually throughout the day. A low of 3078 level was hit before closing and STI ended at 3081.39pts. A total of 16.04pts was lost. Last night, DJI lost a total of 231.19pts. Will STI lose its foothold further? What are the key supports to watch out?

Breaking of the 50ma support line at 3090 indicates that STI is not forming a higher low to continue its uptrend movement. Hence, STI might be heading back to its recent ...