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Daily Markets Briefing: STI down 0.4%
More negative signs are showing.
According to OCBC, fresh weakness on Wall Street could weigh on local sentiment, adding further to Friday’s 0.4% pullback.
Here's more from OCBC:
Daily technical indicators are also looking quite negative – both the MACD and stochastic are still falling after negative cut-downs in late Apr.
For now, we peg the initial support at 3237 (mid of Bollinger Band), ahead of the psychological 3200 support.
On the upside, the upper Bollinger Band currently at 3292 would pose as the first hurdle; although we note that a rise above 3282 could trigger a parabolic buy signal.
The next hurdle remains at 3313 (early Nov 2010 high).
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