Daily Market Opinion for 29-Apr-2014

Daily Market Opinion for 29-Apr-2014

It was a weak start of the week for STI as market participants were concerned about the situation in Ukraine. The day started with a strong gap down action by testing 3255 support level. The support level held for awhile as it attempted to rebound to as high as 3267 level. However, selling pressure starts to set in after noontime which caused STI to break 3255 level. There were attempts to reach lower before closing time as STI reached as low as 3234 level. There were some short covering attempts towards the end of the day as STI closed at 3242 level. A total of 24.86ps had been lost yesterday. Last night, DJI was seen rebounding with 87.28pts up. Will DJI’s positive closing be able to hold STI up today? Or will STI continue to attempt to drop lower today?

As expected from …