Daily Market Opinion for 21-Nov-2014

STI failed to continue its bullish streak yesterday and chose to retrace strongly. It did have a bullish opening with attempts to reach 3350 resistance level. However, it started to lose its strength when it hit a high of 3341 level. Selling pressure starts to set in as HK market traded in red with concerns of China economic performance. Further selling pressure happened when STI failed to hold its support at 3330 level. Selling actions were seen throughout the whole afternoon session which hit a low of 3312 level. Before closing, short covering actions were seen which helped STI to close at 3315.6 level; Losing 18.96pts for the day. Last night, DJI closed with closed slightly higher with 33.27pts up. Will STI be able to recover its lost grounds today and head higher?

Yesterday bearish action can be just a gap covering ...