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Bearish sentiment to persist in STI this week.

STI started last week by attempting to rebound from its recent low level but it faced gap resistance between 2798 – 2812 levels. STI failed to break the gap resistance level and instead started to retrace back to its recent low. The main cited reason for the retracement was due to the concerns of the Greeks withdrawing from the Euro zone.

Daily Market Opinion for 5-Jun-2012

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Daily Market Opinion for 5-Jun-2012

Yesterday, STI attempted to recover after it took beating on Monday. The rebound attempt started with a gap up during opening which tested the gap support between 2715 – 2737 levels. Buying strength was seen during the early trading session which helped STI to reach as high as 2730 level.

Bullish divergence spotted in STI, potential trend reversal.

Last week, STI had a volatile week as it not only dropped deeply, it also rebounded strongly. The week was started off with a strong gap down, reaching as low as 2698 level, due to weak US job data. But STI was quick to recover in the mid week and reached as high as 2775 level before it started to retrace back to close at 2737 level.