Published:
Daily Markets Briefing: STI down 0.9%
Expect more weakness today.
According to OCBC, fresh concerns over Greece could continue to weigh on local sentiment this morning; we note that the US futures are much lower in after-market trading, Nikkei is already down 2.1% in early trade.
Here's more from OCBC:
While we did some profit-taking in the STI on Friday as expected, the index is only likely to find support around 3300 region (3291 would be the firmer one), ahead of 3267 (early Jan low).
Meanwhile, the recent failure to overcome the 3357 hurdle also does not bode well – the daily MACD is starting to turn lower again; daily RSI has just turned lower around the 50% mark.
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