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STI likely to retrace. Uptrend showing slight weakness.

STI’s raging bull continued to charge last week but its charging strength stopped last Friday after hitting major resistance of 3030 level. As the earnings season kicks in last week, STI started to experience increased intraday volatility as traders and investors were adjusting to the new earnings expectations.

Daily Market Opinion for 20-Jul-2012

STI continued to surge higher yesterday in reaction to DJI’s bullish closing on the previous night. This surge has led STI to test the resistance level of 3030 level. STI opened with a gap up at 3035 level and even attempted to go beyond its opening but it started to face selling pressure when it reaches 3039 level.

Daily Market Opinion for 19-Jul-2012

STI went against the regional markets’ movement again. The regional markets were showing bearishness but STI managed to end up slightly positive before closing. STI started with a gap up opening in reaction with DJI’s positive closing. However, STI did not maintain this bullishness and started to go on a free fall after HSI opened bearishly.

Daily Market Opinion for 18-Jul-2012

STI refused to retrace yesterday despite weak DJI closing on the previous night. With a flat opening, STI climbed gradually after report of F&N’s stakeholders being offered to purchase their stake. F&N contributed most in pushing STI above 3000 level and towards 3030 level.