Daily Markets Briefing: STI down 0.1%

Don't be too optimistic today.

According to OCBC, the mild recovery on Wall Street last Friday night could inspire the local bourse to a positive start this morning, but the effects are likely to be limited.

Here's more from OCBC:

Following another 0.1% loss in the last session by the STI, this suggests that the bearish engulfing candlestick pattern established a few sessions back has been confirmed. 

As such, we could potentially see a further decline by the index towards the 3315 immediate support in the days ahead.

Below that, the next base is at the 3280 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.