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Daily Market Opinion for 22-Aug-2012

STI started the week flat as the market continues to remain cautious after the long weekend. The day was started with slight gap down with multiple attempts to trade higher. However, whenever it trades higher, it faces profit-takers to prevent the price from going higher. Trading activity was weak during the day as many traders were not willing to commit new positions.

STI to be trading in a tight range.

STI closed flat last week as conflicting news were being announced which created indecisiveness in the market while preparing for a long weekend. STI started the week with a bullish start as STI refused to retrace towards 3030 level. This bullishness brought STI to test 3080 level on Tuesday and closed with extremely high volume.

Daily Market Opinion for 17-Aug-2012

Yesterday, STI closed flat despite attempts to test 3080 resistance during the day. STI started the day slightly higher and started to climb towards 3080 resistance level after bargain hunters entering the market. However, when the price reaches close to 3080 level, STI started tempering off.

Daily Market Opinion for 16-Aug-2012

STI failed to hold its bullishness yesterday as gloomy economic outlook plague the market. STI started the day by gapping down to 2078 level as Wilmar opened with a strong gap down in reaction to its poor earnings report. After opening, STI continues to slide down further as buyers were staying out of the market.