Daily Market Opinion for 20-Aug-2014

Daily Market Opinion for 20-Aug-2014

STI managed to make some gains yesterday despite its struggle to trade higher. STI opened slightly higher as it gotten the bullish lead from the US market. The bullishness continued during the first half of the trading session before the selling pressure starts to set into the market again. A high of 3326 level was created then. Sellers seem to continue to depress the price further as market participants were still unsure of the market direction. Therefore, STI ended at 3316 level with 3.65pts down. Last night, DJI continues to trade higher with 80.85 pts up. Will STI be able to continue its bullish attempt today? Or will it consolidate back to its support level again?

The momentum of the market seems to have swing to the bullish side again yesterday. The bullish buyers were pushing STI to test its 20ma resistance line …