Daily Market Opinion for 29-Aug-2014

Daily Market Opinion for 29-Aug-2014

STI attempt to trade higher failed to materialise yesterday. Its bullish efforts started with a gap up opening which tried to help STI to continue its bullish momentum. However, when it hit a high of 3358 level, selling pressure starts to set in. The selling pressure gradually pushed STI back to its opening level and even went lower than it over time. Soon, STI entered into the negative territory and started to erase the previous day’s gains off. Majority of the bearishness happen at closing hour, causing STI to close at 3330.22 level. A total of 11.24pts was lost yesterday. Last night, DJI started to see red with 42.44pts down. Will STI continue to see red today? Or will the bullish momentum be revived again?

The breakout failed to continue yesterday, but STI managed to stay at the resistance turn support level …