Daily Market Opinion for 25-Mar-2014

It was great start for STI this week as STI commands a strong upside movement yesterday. This was due to increase in confidence that China government might step in to stimulate the weak China economy. The day started with a gap up action which helped STI to head towards its resistance at 3100 level. STI faced some resistance at 3100 during the morning session but it was able to overcome it after lunch hours and stay above 3100 level. Further upside attempts were seen during the second half of the day which allows STI to hit as high as 3121 level where it faced resistance. Profit taking pressure started to creep in close to the end of the day which caused STI to close at 3111.83 level with 38.44pts down for the day. Last night, DJI closed slightly down with 26.08pts down. ...