Published:
Daily Markets Briefing: STI up 0.7%
But a pull back is on the cards today.
According to OCBC, the more than 1% retreat on Wall Street overnight and the poor Nikkei start (down 1% now) are likely to spook the local bourse to a negative opening this morning.
Here's more from OCBC:
As such, we could see the STI reversing south again (following Friday’s 0.7% rebound) and potentially initiate another test of the 3390 support today.
Should this immediate key base be violated, this could mean another significant correction towards the subsequent 3300 key base thereafter.
On the upside, 3460 remains the key immediate obstacle, followed by the next hurdle at the 3500 psychological level.
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