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Daily Market Opinion for 27-Jun-2012

STI started the week by retracing further yesterday. STI opened with a gap down at 2803 level before it attempted to rebound again within the day. Intraday rebound was seen to happen gradually throughout the day and more buying activity was seen nearing Europe market’s opening. The main contributing factor that helps STI to attempt its rebound during the day was HSI’s positiveness.

Daily Market Opinion for 26-Jun-2012

STI continued its downward movement yesterday despite DJI positive closing last Friday. After a gap down opening, STI was hovering around the gap support level between 2814 – 2821 levels. There were attempts of rebounds to recover the losses during the first half of the trading session. However, after lunch hours, STI fell back towards its opening when HSI started to trade negatively.

STI forming Uptrend, but retracement is expected first.

Last week, STI was struggling to trade higher as it faces profit taking pressure for the whole week. Despite selling pressure being seen, STI is still able to trade higher by 17.09pts. This was primary due to its strong gap up last Monday after the announcement of Greek’s election which the pro-bailout party won.

Daily Market Opinion for 22-Jun-2012

STI failed to head higher yesterday and started to retrace. STI reacted to DJI’s bearish closing the previous night and opened lower. Selling pressure continues throughout the day with little chance of rebounding. The selling pressure primarily came from profit takers whom had enjoyed the bullish movement for the past few days.