Daily Market Opinion for 11-Apr-2014

STI was refusing to drop below 3200 level again yesterday despite trading below it most of the time. STI opened slightly below 3200 level and started to trade below the support during the morning session. It hit as low as 3186 level before bargain hunters started to enter the market. The buying strength was firm and it pushes STI to as high as 3209 level before taking its rest at the closing. STI closed at 3203.58 level with 6.34pts down for the day. Last night, DJI closed with a drop of  266.96pts down. Will STI hold at 3200 support level or will STI attempt to retrace further again?

It was another day of consolidation for STI yesterday. 3200 support level remains to be the key support to support STI. White hammer candle was formed and this indicates that the support at 3200 ...