Daily Market Opinion for 8-Aug-2012

STI attempted to break 3080 level again yesterday. STI opened with a slight gap up and surge above 3080 level during the early trading session. However, sellers were waiting for their chance to exit at this resistance level. STI went tumbling down after reaching as high as 3086 level. Strong selling pressure was seen after lunch hours causing STI to hit as low as 3066 before buyers started to stream in. However, before market closes, another wave of selling pressure caused STI to close at 3067 level. STI ended flat with merely 4.08pts lower. Last night, DJI ended higher with 51.09pts up. Will STI continue to test 3080 resistance today or will STI start to retrace to close its gap support level between 3056 – 3069 level?

STI ended with another black candle yesterday. This time round, a longer upper shadow was ...