Published:
Daily Markets Briefing: STI down 0.2%
Uptrend support is still intact.
According to OCBC, the retreat on Wall Street overnight could cue the local bourse to a negative start this morning.
Here's more from OCBC:
Although the STI pulled back another 0.2% yesterday, its 5-month uptrend support remains intact at the moment.
With today’s tone likely to remain a tad more downside biased, we could see the index sliding in the direction of the 3240 horizontal support. Below that, the next support is pegged at the 3220 key trough.
On the upside, we still see the immediate resistance at the 3310 key peak, with the next hurdle pegged at the 3360-3370 gap resistance.
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