Daily Market Opinion for 7-May-2014

Daily Market Opinion for 7-May-2014

STI managed a slight rebound yesterday despite having a listless trading day. STI opened with a slight gap up in reaction to DJI’s positive closing on the previous night. It attempted to trade higher but it could only reach a high of 3250 level; after which selling pressure start to creep in slowly. During the day, STI hit a low of 3242 level without entering into the red zone.  This is a good display of STI’s bullish attempt to stay positive. With such listless day, STI managed to close at 3245.56 level with a mere 3.96pts up. Last night, DJI closed with 129.53pts down. Will STI continue to attempt to rebound today or will it consolidate due to DJI’s bearish closing?

Another bearish candle was seen in STI yesterday while still being able to close positively. This could mean that the …