Published:
Daily Markets Briefing: STI down 0.8%
Expect another pullback today.
According to OCBC, the significant retreat by the US indices last Friday night could spook the local bourse to a further decline this morning.
Here's more from OCBC:
Meanwhile, the STI pulled back some 0.8% in the last session after failing to overcome the 3420 immediate resistance again; a bearish engulfing candlestick pattern has also emerged as a result.
Coupled with a likely bearish tone today, the index is likely to fall further towards the 3377-3388 gap zone support.
Beyond that, the next base lies at the 3300 psychological level. On the upside the 3460 key peak is still the subsequent hurdle to cross.
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