Daily Market Opinion for 06-Sep-2013

STI had indeed staged a rebound towards its gap resistance levels and tested it. The day started with a gap up action to recover about half of its previous day’s losses. Selling pressure was muted during the morning trading session while there was gradual buying action. STI reached a peak of 3057 level during noon time before sellers start to enter the market. Traders were selling into strength during the afternoon session which caused STI to end at 3039 level. For the day, STI gained a total of 24.03pts. Trading volume was average but it lower than the previous day. Last night, DJI ended flat with 6.61pts up. Will STI end the week bearishly or bullishly today?

White candle with upper shadow was formed by yesterday’s price action for STI. This candle indicates bullish action during the day but the upper shadow formation ...