Daily Market Opinion for 28-Oct-2014

Daily Market Opinion for 28-Oct-2014

The last week of October started weakly as market participants were concern of the upcoming Fed meeting that will start this evening. The fear of increased interest rate is still the common topic in the market right now. STI managed to have a bullish opening in the morning before it hit a high of 3234 level. This high failed to sustain and sellers seems to be dominating the market. Selling pressure was seen in the mid day where it formed a low of 3215 level. The support at 3220 level was holding firmly and thus, a rebound happened. This rebound pushed STI back up above 3220 level again. With the intraday rebound, STI is then able to stay close at 3226 level with 3.56pts up. Last night, DJI also ended flat with 12.53pts down. Will STI be able to continue to stay above …