Daily Market Opinion for 20-May-2014

Daily Market Opinion for 20-May-2014

It was a flat start for STI as market participants were waiting for more decisive market movement to happen. There was volatility within the day but it was balanced by both buyers and sellers. STI opened flat and attempted to trade lower in the early session. A low of 3252 level was hit before it rebounded back to its opening levels. Rebound attempts were mostly seen after lunch hours which aid STI to hit 3268 high of the day. But the bullishness failed to sustain and STI ended back to its opening levels. STI closed at 3262.43 level with only 0.16pts down. Last night, DJI closed with 20.55pts up. Will STI be able to start to gain momentum today or will it consolidate further?

STI seems to be attempting to consolidate around 3255 support level before it will be able to gain …