Daily Markets Briefing: STI down 0.3%

Immediate support pegged at the 3220 mark.

OCBC Investment Research said:

The modest rebound on Wall Street last Friday night and the mildly positive Nikkei start (up 0.2% now) are likely to likely to keep the local bourse slightly buoyant this morning.

As a recap, the STI halted its recent climb just below the 3280 immediate resistance with a 0.3% pull-back in the last session.

And with today’s likely to remain more consolidative in nature, we could see the index maintaining its stance around current levels. 

For now, we still peg the immediate support at the 3220 various troughs, followed by the next base at the 3180 key resistance-turned-support. On the upside, the subsequent hurdle lies at the 3300 psychological resistance.