Daily Market Opinion for 16-Dec-2014

Sliding oil price impacted on STI strongly yesterday as offshores counters were seen tumbling deep into red. Regional markets were also strongly affected by this sentiment and were seen trading deep red. The opening of STI seems fine as it opened with a slide gap down. It managed to maintain above 3305 support level for a while before it start to break it. Selling pressure was flooding in when HSI opened in red, which send further selling pressure into the market. 100ma line at 3000 level was also being broken easily. Hence, STI hit a low of 3285 level before some bargain hunters enter the market. Before closing, the slide rebound had helped STI to close at 3294.14 level. 29.99pts was lost yesterday. Last night, DJI failed to sustain its bullish opening and closed with 99.99pts down. Will STI attempt to rebound ...