Daily Markets Briefing: STI down 0.3%

Index likely to drift lower to 3230 key support, says analyst.

OCBC Investment Research said:

As a recap, the STI continued to drift lower in the last session with a 0.3% loss. Until we see a significant rebound in the days ahead, the index is still more likely to drift lower towards the 3230 key support in the near term.

Meanwhile, the downside momentum remains fairly intact with the MACD still sliding lower steadily.

Below the 3230 key support, the subsequent base lies at the 3200 psychological support.

On the upside, the immediate resistance is still pegged at the 3280 minor support-turned-resistance, with the next obstacle marked at the 3320 key peaks. 

Meanwhile, IG Markets Singapore noted:

In Singapore, the STI ended last week on a sour note as it dipped 0.3% to hit 3259.