Daily Market Opinion for 17-Jun-2014

STI started this week with a flat trading day as the market volume was impacted by the “World Cup” effect. Trading volume was seen to be on the low side yesterday. There were attempts to rebound during the morning session but the buyers failed to sustain the bullish strength. A high of 3297 was hit before it starts to face selling pressure. With the selling pressure seen, STI was pushed to as low as 3288 level before it rebounds to close at 3290.26 level. Mere 2.99pts was lost yesterday. Last night, DJI was trading flat too with a slight gain of 5.27pts.

A small black candle with upper shadow was formed in STI yesterday. This indicates that STI is struggling on its upside and it might continue to consolidate.  Short-term indicators are still on the bearish side but signs of weakness ...