Published:
Daily Markets Briefing: STI up 0.4%
Expect a decline today.
According to OCBC, despite a 0.4% technical rebound yesterday, the STI’s near-term sentiment is still fairly weak at the moment.
Here's more from OCBC:
Following the confirmation of the bearish candlestick reversal pattern a few sessions back, traders might still look to sell into strength as the index inch higher from here.
For now, we still see the immediate base at the 3280 key trough. Below that, the next base is at the 3235 key trough.
On the upside, the immediate obstacle is still pegged at the 3360 level (recent high), with the next hurdle at the 3380 key peak.
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