Published:
Daily Markets Briefing: STI down 0.5%
Signs of breaking down are evident.
According to OCBC, the mixed reactions on Wall Street overnight are unlikely to have much of an effect on the local bourse this morning.
Here's more from OCBC:
Meanwhile, the STI has started to show signs of breaking down, after falling some 0.5% yesterday on increasing trading volume.
As such, we could potentially see the index testing the 3250 immediate support again today. Should this 3250 level give way, we expect the index to slip quickly towards the 3220 key resistance-turned-support.
On the upside, we still see the immediate resistance at the 3280 recent peak, followed by the subsequent key hurdle at the 3310 key peak.
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