Daily Market Opinion for 21-May-2014

Another flat day happened for STI as the market started to turn more listless. Trading activity was weak as market participants were unsure of what direction to take. STI first open its day with a weak opening at 3260 but it turned out to be the lowest of the day. The buying strength was gradual and it starts to peak at 3268 level. There wasn’t much selling pressure during the day but some profit taking was seen before the closing of the day. Eventually, STI ended at 3265.47 level with 3.04pts up.  Last night, DJI ended with 137.55pts down. Will DJI’s bearishness take impact on the listless market?

The expected consolidation happened on STI yesterday as STI might still be preparing itself for the upside movement. 3255 support level was yet to be tested and there might be a possibility of ...