Published:
Daily Markets Briefing: STI up 0.6%
But expect a significant retreat this morning.
According to OCBC, the 2% decline on Wall Street overnight is likely to spook the local bourse to a significant retreat as well this morning.
Here’s more from OCBC:
As such, we could see the STI reversing yesterday’s 0.6% gain and fall back in the direction of the 3360 newly established resistance-turned-support.
Should this immediate base be breached, the index is likely to slide further towards the 3310 resistance-turned-support next.
On the upside, 3400 key psychological level is now the immediate hurdle, with the next obstacle lying at the 3460 key peak.
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