Daily Market Opinion for 13-Jan-2015

STI started the week with slightly higher as it lack of further catalyst to surge. It started the day with a bearish opening which only went as low as 3331 level. This is where buyers started to enter the market seeking for bargains. The increment was gradual during the day as there was a balance of buyers and sellers. Regional markets were mostly taking the bearish side but STI was able to recover before market closing. A high of 3347 level was reached. At closing hours, little profit taking action was seen and hence, STI closed near to the high at 3344.89 level. Gaining only 6.45pts. Last night, DJI went down by 96.53pts. Will STI be able rebound further today? Or will it attempt to drop lower and consolidate?

With the underlying bullish still intact, STI will probably have limited downside. Yesterday’s ...