Daily Market Opinion for 28-Nov-2014

Yesterday turn out to be a bearish day for STI as it continues to face resistance at 3350 level. The day started with an attempt to break 3350 resistance level. During the early trading session, STI managed to break the resistance and trade to a high of 3355 level. However, it failed to sustain this bullish strength and starts to retrace. The retracement was gradual as profit takers enter the market. The selling pressure was seen throughout the day till it closes at 3340.96 level. 8.7pts was lost yesterday. Will STI be able to break 3350 resistance level today? Or will it attempt to retrace?

The bearish actions yesterday have shown that the resistance at 3350 level is strong and it is likely to continue to be persistence. Consolidate mode is still intact and hence, STI will likely to stay within the consolidation ...