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Daily Markets Briefing: STI bounces off 5-month key uptrend support
A slight retreat is looming.
According to OCBC, the pull-back by the US indices overnight and the weak Nikkei start (down 1% now) are likely to cue the local bourse to a slight retreat this morning.
Here's more from OCBC:
Despite so, the STI’s overall trend remains fairly positive at the moment, as it has just bounced off its 5-month key uptrend support and overcame its 1-month downtrend resistance recently.
For now we see the immediate resistance at the 3310 key peak, with the next hurdle pegged at the 3360-3370 gap resistance.
On the downside, 3240 is now the immediate base (recent trough), followed by the next support level at the 3220 key trough.
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