Daily Market Opinion for 03-Apr-2014

The bullish gains had ended yesterday after STI failed to break its resistance at 3200 level. Despite opening strongly with a gap up, STI was unable to sustain the gain and it started to retrace. The intraday retracement was gradual during the day and it started to trade into the red around noon time. There were some attempts to trade back above 3200 level but the profit takers were still forcing the price down. Eventually, STI ended its day with 5.74pts down at 3192.78 level. Last night, DJI still managed to make gains of 40.39pts. Will STI be able to attempt to break 3200 level again? Or will it start to retrace further after yesterday’s bearish closing?

Yet again, 3200 resistance is showing its strength of resistance. Long black candle was formed at this resistance level indicates that STI is facing retracement ...