
Daily Markets Briefing: STI up 1%
Selling pressure is building up again, says analyst.
OCBC Investment Research noted:
The pull-back on Wall Street last Friday night and the muted Nikkei start (flat now) are unlikely to provide any inspiration to the local bourse this morning.
While the STI rebounded 1% last Friday, it fell short of the 3153 immediate resistance and 1-month downtrend resistance. As such, we could see selling pressure building up again.
This could potentially send the index back towards the 3060 key trough; meanwhile, the subsequent base lies at the 3000 key psychological support.
Above the 3153 immediate hurdle, we still see the next hurdle at the 3230 support-turned-resistance.