Daily Market Opinion for 11-Dec-2014
STI managed to clock a 2nd straight day of bullish closing yesterday. It had a flat opening in the morning which it soon faces some selling pressure. A lot of 3315 level was tested before it was able to gain bullish traction. The offshore sector started to rebound yesterday as oil prices was seen rebounding a little. Buyers returned into this sector in hope that the rebound in the oil prices will be sustainable. This bullish movement helped STI to hit as high as 3336 level. However, the bullish strength failed to sustain as sellers entered the market before closing. Hence, STI closed at 3325.81 level with 5.97pts up. Last night, DJI was seen crashing 268.05pts. Will STI be able to continue to make gains today? Or will the bearish closing by DJI will have an impact on STI’s movement today?
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