Daily Markets Briefing: STI up 0.3%

Index likely to drift lower, says analyst.

OCBC Investment Research said:

As a recap, the STI ended just 0.3% higher despite recovering as much as 0.7% and almost tested the 3320 key resistance intraday.

And with today’s tone likely to turn more downside biased, we could start to see the index drifting lower with the immediate support marked at the 3230 key resistance-turned-support.

Below that, the next support is pegged at the 3200 psychological level. Above the firm 3320 resistance, the subsequent resistance lies at the 3400 psychological hurdle. 

Meanwhile, IG Markets Singapore said:

In sunny Singapore the STI lifted 0.3% to close back above 3300. Although the close was well away from the earlier high, which at 3317 and threating a new intraday high for the year.