Daily Market Opinion for 23-May-2014

STI was seen recovering its lost grounds yesterday. It opened higher in reaction to the bullish overnight closing by DJI which aid STI to reach to as high as 3272 level However, after lunch hours Sellers were seen entering the market. They pushed STI to as low as 3259 level, but it failed to go down further to test its support at 3255 level. There could be some short covering action during the closing hours which helped STI to recover back to its opening levels. Hence, STI closed at 3265.66 level with 3.88pts up. It was just a marginal gain. Last night, DJI traded flat by closing with only 10.02pts up. Can STI be able to gain bullish momentum today? Or will the weekend effect take place?

STI had attempted to trade higher yesterday but it failed to gain the momentum yesterday. ...