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Daily Market Opinion for 17-Jul-2012

STI tested 3000 level with a gap up opening yesterday. However, sellers were seen waiting at 3000 level to take profit which prevents STI from going higher than 3004 level. Multiple attempts to break this resistance level was seen during the early trading session but the buyers lost their steam before lunch time and sellers started to take control of the market.

Strong bullish momentum prevents STI from retracing.

Last week, STI started the week bearishly with a strong gap down and bearish intraday movement. The drop was due to weak China economic numbers. It was thought that STI would start its retracement towards 2910 level but instead, STI refused to drop further. Speculations of China releasing stimulus plans to help the current weaken economy was being heard.

Daily Market Opinion for 13-Jul-2012

STI halted its 2 days ascend yesterday as regional market bearish sentiment dragged the index down. STI opened with a gap down after DJI’s previous night negative close and as unable to recover throughout the day. Trading activity was muted yesterday as it swings between a tight range of between 2966 – 2987 levels.

Daily Market Opinion for 12-Jul-2012

Yet again, STI bucked the regional trend by closing higher for the 2nd day. STI opened flat yesterday but buyers flock in to buy the prices higher despite concerns of China economic slowdown. Most of the buying actions come in after the afternoon trading session when traders saw the positive opening of the European market.