17 Oct '12, 2am

Daily Market Opinion for 17-Oct-2012

STI’s attempt to rebound yesterday as prevented by sellers waiting at the gap resistance level despite positive movements in the US market on the previous night. STI gapped up strongly during the opening which lifted STI above the 50ma line of 3050 level before sellers flock into the market. STI managed to reach as high as 3059 level before selling pressure enters the market during the mid of the morning session. Selling pressure was gradual with light volume throughout the day to as low as 3041 level. Positive opening in the Europe market lifted STI up before closing and eventually, STI closed with only 3.76pts up. Ending at 3046 level, STI is still trading below the 50ma resistance. Last night, DJI closed strongly at 127.55pts higher after strong earnings being reported by some firms. Will STI attempt its rebound again? Or will sellers …

Full article: http://thefinance.sg/2012/10/17/daily-market-opinion-for-...

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