Daily Market Opinion for 03-Sep-2014

Daily Market Opinion for 03-Sep-2014

STI did well yesterday by rebounding from its support at 3310 level. This rebound came after a weak start in STI yesterday. A low of 3313 level was formed during the early trading session as regional markets were not performing well. Market started to pick up only after lunch hours where STI gained positive leads from the European market. A high of 3330 level was reached and it managed to close near to the high. STI ended at 3328.3 level and gained 14.17pts yesterday. Last night, DJI closed slightly lower with 30.89pts down. Will STI be able to retain its bullishness and attempt to trade higher again today?

STI formed a bullish reversal pattern yesterday and this could be a good reversal point for a higher low formation. 3310 support level is indeed strong and it will likely to stay supported if …