Daily Markets Briefing: STI ends flat

Immediate resistance pegged at the 3300 mark.

OCBC Investment Research noted:

The mild pullback on Wall Street overnight and the weak Nikkei start (down 0.3% now) are likely to keep the local sentiment muted this morning.

Despite so, the STI has shown further signs of moderating its decline yesterday with a flat close, following a poor start to the day.

As such, the index could continue to consolidate around current levels today as it builds a base.

For now, we still peg the immediate resistance at the 3300 psychological obstacle, with the next resistance at the 3320 support-turned-resistance.

On the downside, the immediate base lies at the 3270 minor trough, followed by the next support at the 3240 key resistance-turned-support.