Brace for a pullback today.
According to OCBC, the mixed closing on Wall Street overnight could rein in the surprisingly strong technical rebound made by the oversold local bourse yesterday, where the STI jumped 1.8%; the Nikkei is down 0.6% in early trade.
Here's more from OCBC:
While the STI managed to take out the initial 2600 hurdle, it could run into more resistance at 2640 and then 2680; and continued failure to clear the next key hurdle at 2700 could result in selling into strength once again.
On the downside, we again peg the key support at 2600, ahead of 2680.
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