Daily Market Opinion for 03-Jul-2014
STI staged a strong rebound yesterday which erased the previous day’s losses quickly. The market action yesterday brought STI back above 3255 level again. STI opened with a gap up which recovered above 3255 level quickly. There were some selling efforts in the early trading session but it is not strong enough to push STI lower than 3250 level. For the rest of the day, STI gained gradually and even managed to recover substantial amount of losses that it had incurred for the past few trading session. Hence, STI was seen closing at 3263.91 level with 21.27pts gained for the day. Last night, DJI was able to gain 20.17pts. Can STI continue its rebound today? Or will it just be an whipsaw action?
Yesterday’s trading seems to make the previous day’s breakdown action to be a whipsaw. This quick reversal had ...
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