Daily Market Opinion for 15-Aug-2014

It was another day of decline for STI as the properties sector experienced a sell down. STI opened bullishly at the opening hours as it reacted to the bullish closing by DJI. However, the resistance at 3305 level was strong and it failed to break it. Selling pressure started to set in and caused STI to hit a low of 3289 level. Before closing, STI managed to recover a little and close at 3294.83 level. Hence, for the day, STI closed with 6.58pts down. Will STI be able to recover its losses again? Can it break this resistance at 3305 level today?

STI failed to confirm its bullish candle yesterday. This indicates that it might consolidate further before it is able to continue its uptrend formation. The short-term indicators failed to confirm too and is reverting back to the bearish side. With 3305 ...