Daily Market Opinion for 22-May-2014

STI continued to be plagued by flat market movement yesterday. Previous night’s DJI closing did not affect STI’s opening much as STI open slightly down. There was some selling pressure during the morning trade but it was lacking of trading interest. 3255 support level was being tested but the support was strong. Hence, STI rebounded from a low of 3254 level before returning back to its opening levels. As the market approaches the closing time, it hit a high of 3262 level before it rested for the day at 3261.78 level. A mere 3.69pts worth was lost yesterday. Last night, DJI recovered its previous day’s losses by rebounding 158.75pts. Will this bullish sentiment help STI to continue its bullish movement? Or will STI just ignore it and continue to consolidate today?

STI’s movement yesterday was within expectation as 3255 support level was ...