Daily Markets Briefing: STI down 0.1%

Expect some gains today.

According to OCBC, despite a firmer opening, the STI succumbed to profit-taking by mid-morning and ended 0.1% lower yesterday.

Here's more from OCBC:

Still, continued strength on Wall Street overnight could encourage some modest buying interest this morning, which should see the STI making another attempt to test the initial 3472 hurdle (38.2% retracement of the recent 3549 to 3425 correction).

As before, the downside looks pretty well supported by the lower boundary of the uptrend channel since mid-Oct last year as well as by the 50-DMA, both pegged around 3449-3451 region.

In addition, we note that the daily stochastic indicator has cut up just above the oversold region, suggesting a potential bottom at recent lows.

Market volume also picked up yesterday, but we note the focus was mainly on penny stocks; and likely to remain so today.

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