Daily Market Opinion for 22-Aug-2014

STI ended flat yesterday as it continues to face resistance at 3330 level. STI did not have a strong start yesterday despite positive lead from the US market. But during the morning session, STI managed to trade bullishly and hit a high of 3335 level. This bullishness did not last as regional market got hit by the bearish bug; causing STI to decline from its high and back to its opening level. The selling pressure caused STI to enter into the red region and hit a low of 3319 level. With some short-covering actions before closing, STI was then able to close near its previous day’s level. STI ended at 3324.09 level with only 0.44pts up. Last night, DJI was up by 60.36pts. Will STI be able to break this resistance level today? Or will it start to retrace again?

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