Daily Market Opinion for 18-Jun-2014

Selling pressure had set into the market as Singapore’s export figures went down. Market participants used this reason to exit the market and buyers were staying away. STI managed to hold above 3280 support level when it opens for the day, and it even hit a high of 3295 level. However, when the export figures were being reported, sellers flock into the market in anticipation that corporate numbers will be affected. Hence, STI broke 3180 easily and hit a low of 3268 level. Before closing, there was some short covering in the market and STI closed at 3274.44 level. 15.82pts was lost while trading volume remains modest. Last night, DJI gained 27.48pts. Will STI be able to recover back above 3280 level or will it continue to seek for the next support level?

Long black candle was formed yesterday as STI broke ...