Daily Market Opinion for 26-Jun-2014

It was another close to flat day for STI yesterday. The opening was slightly bullish but it failed to prove more. During the day, a high of 3270 level was reached but it did not managed to maintain the bullishness. Instead, profit takers entered the market and push STI back to its opening levels. Hence, STI was seen closing at 3261.54 level and lost only 0.49pts. Last night, DJI recovered 49.38pts. Will STI be able to make another upside attempt today? Or will it still be plagued with bearish strength?

It was yet another day of indecisiveness as STI is unable to break its 50ma resistance line at 3270 level. Doji can with upper shadow was formed and this indicated that STI is still facing resistance. Short-term indicators were on the positive side yesterday as both Stochastic and Histogram got their bullish ...