Daily Market Opinion for 09-July-2014

STI failed to continue its bullishness yesterday as the market decides to retreat to confirm its support level at 3280 level. It first opened with a bearish note as it was affected by DJI’s previous night bearish closing. Throughout the day, the selling was a gradual one as it is still lacking of trading volume. A low of 3278 was eventually reached before there is a slight rebound during closing time. Hence, STI ended at 3283.34 level with 8.23pts down for the day. Last night, DJI closed with 117.59 pts down. Will STI be able to hold at its support level at 3280 or will it seek to find another support level to test?

STI closed with a bearish harami pattern yesterday and this can imply a possible high formation at this point in time. But the support level at 3280 which ...