Daily Market Opinion for 13-Nov-2014

Daily Market Opinion for 13-Nov-2014

It was the 2nd straight day that STI loses its gains yesterday. Profit taking actions were seen lurking throughout the day. The day started slightly down but it was soon greeted by buyers whom made use of the depressed price to enter the market. A high of 3299 level was hence reached. But the sellers overwhelmed the buyers and pushed STI lower. This caused STI to reach as low as 3277 level before some short-covering action was seen. Therefore, STI was then able to close at 3283.71 level with 8.44pts down. Last night, DJI struggled to hold it grounds and it managed to close with 2.7pts down. Will STI be able to hold its grounds today? Or will further selling continue to happen?

With yesterday’s movement, STI seems to be a seeking a retracement action to form a higher low formation. …