Published:
Daily Markets Briefing: STI up 0.4%
Expect a pullback today.
According to OCBC, the significant pull-back on Wall Street overnight and the poor Nikkei Start could spook the local bourse to a negative opening this morning.
Here's more from OCBC:
Meanwhile, the STI failed to hold above the 3420 immediate resistance yesterday although this obstacle was briefly conquered; the index closed just 0.4% higher despite rallying as much as 0.9% intraday.
And with today’s tone likely to turn more downside biased, the index could potentially see a technical correction in an attempt to fill the 3377-3388 gap.
Below this gap support, the next base lies at the 3300 key psychological support.
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