Daily Market Opinion for 24-Apr-2013

STI failed to trade higher yesterday as the market faced profit taking pressure. STI opened flat yesterday but it soon felt selling pressure entering the market during the early trading session. Previous day’s gains depleted slowly as the market started to react to the negative movements in HSI. This selling pressure caused STI to hit as low as 3279 level before buyers enter the market to support it. Some rebound actions were seen during the day but it is not enough to overcome the selling pressure. Eventually, the seller prevailed and STI closed with 24.57pts lower. The closing level stands at 3284 level. Last night, DJI managed to rebound 152.29pts higher. Will the positive DJI closing help STI to rebound today? Or will STI show further downside today?

A long black candle was formed in STI yesterday. This long black candle shows that ...