Daily Market Opinion for 01-Feb-2013

STI failed to push forward yesterday but was able to maintain itself above 3280 level. STI opened slightly higher and attempted to trade higher. However, sellers were seen depressing the prices down in the morning trade which forces STI to hit as low as 3276 level before lunch. A rebound was seen close to lunch hours which help to bring STI back above 3280 level. STI started to trade in a tight range around 3280 level before ending its day at 3282 level. The day was seen with a mere 3.24pts down. Last night, DJI’s attempt to continue its bullish movement failed to materialise during the day and it ended with 49.84pts lower. Can STI maintain above 3280 today? Or will STI start to form a retracement movement again?

STI closed with a small black candle yesterday. This candle signifies that the market ...