Published:
Daily Markets Briefing: STI down 0.6%
A rebound could happen today.
According to OCBC, the rebound on Wall Street overnight could cue the local bourse to a positive start this morning.
Here’s more from OCBC:
As such, we could potentially see the STI initiating a technical rebound in the direction of the 3310 immediate resistance.
Meanwhile, the daily MACD is still sliding steadily; this suggests that the overall momentum is more downside biased at the moment.
Beyond the 3310 obstacle, we see the subsequent hurdle at the 3380 key peak. On the downside, the immediate support is pegged at the 3278 recent trough, followed by the next base at the 3230 key trough.
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