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Daily Market Opinion for 04-Jun-2014

The bullish strength of STI started to sizzle off yesterday as market participants started to get cautious on the market again. There were some gains at the start of the day but it failed to sustain the gains before lunch hours. The selling pressure was gradual as market volume started to ease in a little. A low of 3292 level was hit during the day but some buying action was still seen before closing. Hence, STI closed with 5.57pts down yesterday and ended at 3296.67 level. Last night, DJI was also trading slightly down by dropping 21.29pts. Will STI be able to sustain its break out support level? Will there still be momentum for STI to reach its resistance level?

 

Indeed, the anticipation of market weakness did set in the market yesterday. The retracement action was …