
Daily Markets Briefing: STI down 0.8%
Expect some gains today.
According to OCBC, the rebound on Wall Street overnight could cue the local bourse to a more optimistic start this morning.
Here's more from OCBC:
Following another 0.8% loss yesterday, the STI is now hovering just above its 5-month uptrend support and 3430 resistance-turned-support.
As such, we expect the index to see a technical rebound soon and possibly head back towards the 3460 immediate support-turned-resistance in the days ahead.
Above 3460, the next hurdle lies at the 3500 psychological resistance. On the downside, the subsequent base is pegged at the 3390 level.