Daily Market Opinion for 16-Jul-2014

STI achieved another flat day yesterday. Market participants were still very cautious after the World Cup and were starting to be concern about the situation between Russia and Ukraine. The day started strongly as it reacted to the strong closing by DJI. However, after reaching a high of 3297 level, STI failed to reach out higher. Selling pressure started to set in as concerns arises. After lunch hours, STI was seen reaching as low as 3286 level before bargain hunters entering the market to push the price up. The rebound maintained as it helped STI to be able to close with only 0.44pts up. STI ended at 3291.42 level yesterday. Last night, DJI ended flat also, with 5.26pts up. Will STI be able to attain more gains today? Or will it retrace back towards 3280 level again?

A black candle with long ...