Daily Market Opinion for 26-Aug-2014

Daily Market Opinion for 26-Aug-2014

Another day of struggle happened for STI again as it starts to get entrenched in the resistance level of 3330. It did well during opening as it opened with a gap up action that broke 3330 resistance level. The bullish strength continues to propel STI further to reach a high of 3343 level before the market starts to realise the sustainability of the strength. As there was lack of market volume, many decided it is still not the right time to break out from the resistance. Therefore, before market closes, sellers flock into the market and push STI back down. STI closed at 3330.28 level with only 4.78pts up. Will STI be able to break its resistance level today? Or will the bearishness start to enter into the market today?

Yet again, the resistance at 3330 level remains very strong and it is …