Daily Market Opinion for 27-Aug-2014

Daily Market Opinion for 27-Aug-2014

Yet again, STI faced another listless day while attempting to break its strong resistance at 3330 level yesterday. The opening was weak but buyers were entering the market in attempt to lift up the bullish mood in the market. A high of 3335 level was being formed. It managed to stay above 3330 resistance for a while before the sellers were back into the market again. Before closing, sellers continue to dominate the market and hit a low of 3321 level. Hence, this resulted in a bearish day with 7.26pts down. STI ended at 3323.02 level. Last night, DJI managed to inch up a little with 29.83pts up. Will STI be able to recover its losses? Or will STI continue to retrace further today?

Yesterday was another to confirm that 3330 resistance level is strong as STI formed another day with long …