Published:
Daily Markets Briefing: STI down 0.4%
Another pullback is possible today.
According to OCBC, while the modestly higher Wall Street close overnight could lend some support to the local bourse, sentiment could stay cautious ahead of the key Fed meeting later this week.
Here's more from OCBC:
As such, the STI, which fell 0.4% yesterday, could be trading mostly sideways for the time being.
Nevertheless, we note that the daily technical indicators are still looking quite positive, suggesting that the index could be making another attempt to retake the key 3419 resistance soon, once the STI fills the minor 3377-3388 gap.
On the downside, we peg the next support at 3327 level.
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