
Daily Markets Briefing: STI up 0.5%
Today’s tone likely to deteriorate, says analyst.
OCBC Investment research said:
The tumbling US index futures (down about 0.8% now) due to the worsening Ukraine tension are likely to spook the local bourse to a poor opening this morning.
Despite another 0.5% gain in the last session, the STI has yet to test the 3120 key resistance and 6-month downtrend resistance.
And with today’s tone likely to deteriorate, we could potentially see the STI falling back towards the 3070 resistance-turned-support again.
Below that, the next base lies at the 3030 resistance-turned-support. On the upside, the subsequent obstacle is pegged at the 3150 minor peaks.