Daily Markets Briefing: STI down 0.2%

A rebound might happen today.

According to OCBC, the significant rebound on Wall Street overnight could inspire the local bourse to a positive start this morning.

Here's more from OCBC:

As such, the STI (which fell nearly 0.2% yesterday), could see a similar bounce back in the direction of the 3310 support-turned-resistance.

However, the daily MACD is still trending lower steadily at the moment; this suggests that the downside momentum is still very much intact and selling pressure could come back again as the index head back to the 3310 region.

Above 3310, we see the next hurdle at the 3350 peaks. On the downside, immediate support is pegged at 3270, followed by the 3230 key trough.