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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.

Daily Market Opinion for 21-Jun-2012

STI inch up yesterday as the market continues to be cautious after the Greek Election result. STI opened slightly higher in reaction to DJI’s previous night closing and managed to sustain the gains despite some selling being seen during the early trading session. Trading activity was light while prices creep up slowly. Eventually, STI is able to end at 2855 level with 13.27pts higher.

Daily Market Opinion for 20-Jun-2012

STI was the sole bullish market in the Asian yesterday as STI continues to seek for a higher level in hope of easing Euro situations. STI managed to open at 2830 level and maintained above this level during the day. Cautious buying was seen but sellers seem to be lacking throughout the day. Hence, STI manages to creep up slowly during the day and eventually close at 2842 level.