Daily Market Opinion for 11-Jun-2014

STI started to retrace yesterday despite strong bullish showing by regional markets. In fact, STI had a strong start during its opening session. This strong opening failed to start above the resistance of 3310 level and started to wither off as the day goes by. Due to the selling pressure, STI was seen hitting a low of 3287 level during the day. However, there was no strong selling action yesterday as the trading volume went for another record low. With such movement yesterday, STI ended with 11.38pts down and closed at 3293.82 level. Last night, DJI had a flat day with 2.82pts up. Will STI consolidate further today? Or will it attempt rebound back to its resistance level?

STI had confirmed the resistance at 3310 level to be a strong resistance level yesterday. With the black candle closing yesterday, it indicates that ...