Daily Market Opinion for 10-Jun-2014

Daily Market Opinion for 10-Jun-2014

The week started bullishly with STI attempting to trade higher by breaking the resistance level of 3310 level. Monday’s opening already is a gap up action as the market reacted from the positive US economic data from the US’s announcement on last Friday. This quickly brought STI to test 3310 resistance level by reaching a high of 3311 level. However, this gain failed to sustain for the rest of the day as the resistance level held well. STI started sliding down after lunch hours and hit a low of 3298 level before it started to rebound a little before closing hours. Short covering action was seen and this helped to lift STI to close at 3305.2 level. Trading volume was seen to be one of the lowest for the year. Last night, DJI closed slightly up with 18.82pts up. Will STI be able …