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Daily Market Opinion for 13-Sep-2012

STI managed to break the 50ma line yesterday after a strong gap up opening. The gap resistance at 3033 – 3041 was tested yesterday but failed to 3040 resistance level. STI managed to hit as high as 3035 level during the early hours but did not sustain the bullishness.

Daily Market Opinion for 12-Sep-2012

STI continues to struggle with its upside again yesterday. The 50ma line continues to prevent STI from heading higher. During the opening, STI opened slightly higher and it managed to maintain its bullishness despite some selling pressure in the morning.

Daily Market Opinion for 11-Sep-2012

STI had a lacklustre trading day yesterday despite the positive sentiment on the ECB’s bond buying decision. STI opened slightly higher yesterday but the buying sentiment did not follow through. Buyers were struggling to push the prices higher during the early trading session. More selling pressure was seen after lunch hours as bargain hunters started to stay out of the market.

Rebound likely for Straits Times Index but Downtrend prevails

Last week, the market started off flat as there were no fresh leads on the US QE3 after Fed chief’s speech on the previous week. Due to this reason, STI broke another support at 3000 level on Wednesday and fell down further. The fall was limited by 2980 level while the ECB announced bond buying package to help the banks in the Euro zone.