Daily Markets Briefing: STI down 0.2%

Index likely to test the 3280 mark.

OCBC Investment Research said:

And with the STI pulling back for the second consecutive session with another 0.2% loss in the last session, near-term downside momentum seems to be picking up strength again as well.

For now, the index could continue to drift lower to test the 3280 resistance-turned-support. Below, that, the subsequent base lies at the 3250 minor trough.

On the upside, the immediate resistance is still pegged at the 3330 minor peak, followed by the subsequent resistance at the 3400 psychological hurdle.

IG Markets Singapore noted:

In Singapore, STI ended down on Friday’s close due to regional news. Futures trading indicate the STI may open slightly higher this morning.