STI loses 0.5%

The index continued to head further south after a 0.3% lower opening on Wednesday, says OCBC Investment Research.

OCBC Investment Research said:

The mixed reactions on Wall Street overnight and the muted Nikkei start (flat now) are unlikely to provide any inspiration to the local this morning.

After failing a retest near the 3040 resistance on Tuesday, the STI continued to head further south yesterday; after a 0.3% lower opening, the index slipped to a 0.5% loss by the close.

With the 3000 psychological support being violated in the last session, we could see the index sliding further towards the 2980 support (minor troughs) today.

Below that, the next support level is pegged at the 2930 minor trough. On the upside, 3000 has now become the immediate psychological resistance, with the next obstacle pegged at the 3040 (support-turned-resistance).

IG Markets Singapore meanwhile noted:

Looking to the Singapore open we see an unsurprising flat start based on our pricing models. Catch up on some sleep as the fun will begin after 7pm Singapore time.

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