Daily Market Opinion for 10-Feb-2015

STI had a bearish start for the week as participants were wary of the ongoing bearish events around the world. Hence, it failed to continue its bullish movements yesterday. It opened above 3420 level yesterday and attempted to trade bullishly during the early session. However, as it hits the high of 3434 level, sellers started to enter the market; pushing down STI towards its support at 3420 level. This support level was tested repeatedly and a low of 3416 level was achieved. During closing hour, 3420 support continued its attempt to hold but broke slightly at the last minute. STI ended at 3418.02 level with 13.34pts down. Last night, DJI was seen closing 95.08pts down. Will STI continue to retrace today?

                                                                                                      

The price action yesterday shows that STI is struggling to keep its bullish momentum while facing all the bearish …