Daily Market Opinion for 24-Jun-2014

It has been another flat day in STI yesterday as it took its time to creep down slowly. There were attempts to rebound during the start of the day but it faced resistance at the high of 3265 level. It then stays flat for the morning session before sellers started to be more interested to exit the market. Inflation numbers were being announced and this brought some concern to the market participants. Hence, the gains were erased and caused STI to hit a low of 3254 level before closing at 3257 level. Only 1.4pts was being lost in the process. Last night, DJI was seen trading slightly lower with 9.82pts down. Can STI rebound today after a streak of bearishness? Will more market action starts to pick up?

STI is now currently trading below its 50ma support line but it tested its horizontal ...