Daily Markets Briefing: STI down 0.2%

Today’s tone likely to turn more downside biased.

OCBC Investment Research said:

The persistent retreat on Wall Street last Friday night could keep the local bourse on the back-foot this morning.

Despite a mild 0.2% pull-back in the last session, the STI continue to hold its ground just above the 3190 immediate resistance-turned-support.

But with today’s tone likely to turn more downside biased, we could see this 3190 level being tested again. 

Below that, the next key base lies at the 3150 resistance-turned-support (also key 2-month uptrend support). On the upside, we still see the immediate obstacle at the 3230 recent peak, followed by the next hurdle at the 3260 subsequent peaks.