Daily Market Opinion for 09-Dec-2014

STI started the week weakly despite the anticipation of it to trade bullishly yesterday. The opening did start bullishly. But it lacked of buying support and hence, sellers overwhelmed the market. Fears on the impact of falling oil prices continued to dwell in the market which caused the offshore sector to continue to slide lower. Positive sentiment from the regional markets failed to lift STI’s bearish sentiment up. Hence, STI was seen sliding lower throughout the day. 3305 support level was breached slightly as it closed at 3297.84 level. A total of 26.55pts was lost after yesterday’s movement. Last night, DJI was seen trading lower by 106.31pts. Will STI be able to keep its heads up today? Or will it take the bearish route and reverse its trend to downtrend?

STI failed to confirm its bullish reversal signal by breaking its resistance ...