Daily Market Opinion for 12-Jun-2014

It is another day of retracement again as STI starts to draw closer to its support level after rising towards 3310 resistance level. The day opened with a gap down and it struggled to keep its head up during the day. A high of 3292 level was seen but it was not enough to recover the gap down opening. Sellers were seen streaming in during the day as more market participants were exiting the market to unlock their profits. Due to that, STI hit a low of 3282 level before bargain hunters start to enter the market. Eventually, some of the losses were recovered during the day and closed with only 3.78pts down. STI closing level is at 3290.04. Last night, DJI was seen down by 102.04pts. Will further selling pressure occur in STI today? Have STI start turning downtrend?

STI had ...