Daily Markets Briefing: STI down 0.8%

Expect limited gains today.

According to OCBC, the rebound on Wall Street overnight could provide some inspiration to the local bourse this morning but any upside is likely to be limited.

Here's more from OCBC:

Following another 0.8% retreat yesterday, the STI has clearly failed its retest at the 3360 key support-turned-resistance; sentiments have turned more bearish at this point in time.

We could see the index holding its ground temporary above the 3290 immediate support today, but any bearish break of this key support will quickly send the index towards the next support at around 3200 key troughs.

On the upside, we still see the subsequent hurdle at the 3400 support-turned-resistance.