Daily Market Opinion for 19-Jun-2014

Another unexciting day happened in STI yesterday as market participants stay cautious in anticipation to Fed’s meeting yesterday. STI opened with a slightly higher and attempted to trade lower; hitting a low of 3269 level. Buyers then entered the market in hope of buying as a bargain which helped STI to reach as high as 3282 level. Before closing hours, there was some profit taking actions which caused STI to close near to its opening levels. STI ended at 3276.8 level; gained 2.36pts for the day. Last night, DJI gained 98.13pts. Will STI be able to make further gains due to DJI’s bullish lead today?

Doji like candle was formed yesterday as the market is still finding its direction. With such indecisiveness, it can be hard to determine the direction STI will be taking today. Short-term indicators are still on the bearish ...