Daily Market Opinion for 10-Apr-2014

STI was seen trading directionless yesterday as it gotten indecisive of its direction for this week. Tension was seen between the bulls and bears during the day. STI opened flat and it attempted to trade higher during the day. However, it faced bearish sellers at the high of 3215 level and selling pressure sets in. The buyers were struggling to maintain its opening levels and hence, STI maintain its level close to the opening most of the time. At closing, STI is still able to make slight gains by closing at 3209.92 level with 5.83pts gained. Last night, DJI closed at 181.04pts up. Will the bullish closing by DJI last night help STI to gain further bullish foothold? Or will STI still be attempting to consolidate for a higher low formation?

STI’s lack of momentum is expected to happen as consolidation is ...