Daily Market Opinion for 26-Mar-2014

STI failed to follow through its bullishness yesterday as it is still facing resistance at 3120 level. Due to DJI’s bearish closing, STI started the day with a slight gap down at 3098 level which could threaten further downside movement. However, the support was firm as STI only hit a low of 3097 before recovering during the day. The recovery hit as high as 3112 level during the day but it failed to sustain the momentum. Market participants decide to stay cautious and were making use of this opportunity to take profit. Hence, STI ended at 3104.17 level with 7.66pts down. Last night, DJI was seen closing with 91.19pts up. Will STI be attempting to trade lower today or will it be attempting to break 3120 resistance level again?

STI had managed to consolidate at its support level of 3100 yesterday. This ...