Daily Market Opinion for 20-Feb-2013

STI continues to struggle on its upside as traders continue to adopt cautious buying in the market yesterday. The day started with a gap up action but quickly started to retrace during the first hour of trading. The selling pressure pushed STI to as low as 3288 level before it starts to stage a rebound. Nearing the lunch hours, STI managed to recover back to its opening position and it strived to head higher. A high of 3306 level has been achieved before selling pressure sets in again to push STI back to its opening levels. Eventually, STI close flat with 7.63pts higher, ending at 3295 level. Last night, DJI closed positively with 53.91pts higher. Will STI continue to seek to test 3315 resistance level today? Or will the bullish momentum starts to die off today?

Yet again, STI closed with a doji ...