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Daily Markets Briefing: STI hovers above 3250

Could the downside momentum finally stop?

According to OCBC, the rebound on Wall Street overnight could lift local sentiments slightly this morning.

Here's more from OCBC:

As such, we could continue to see the STI holding its ground above the 3250 immediate support for today.

Technically, the daily MACD seems to be rounding a bottom right at its centerline; this suggests a possibility that the recent downside momentum could be waning.

Below the 3250 level, the next base lies at the 3220 key trough. On the upside, 3280 is still the immediate resistance, followed by the next hurdle at the 3310 recent peak.
 

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