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Daily Market Opinion for 28-Jun-2012

At last, STI had ended its retracement by surging strongly yesterday. STI opened slightly lower at 2802 level before it started to surge slowly. Buying strength was seen throughout the whole morning session, lifting STI to as high as 2834 level. However, the buying pressure does not stop at this resistance level.

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.