STI moves in tight trading range

The futures market is pointing to a flat open for the STI, says IG Markets Singapore.

OCBC Investment Research said:

The muted reactions on Wall Street overnight and the poor Nikkei start (down 0.7% now) could cue the local bourse to a weaker opening this morning.

As a recap, the STI moved in a tight trading range yesterday on thin trading volume; after opening 0.1% higher, the index drifted sideways to close still 0.1% in the black.

And with today's tone likely to turn a tad more downside biased, we could see the index testing the 3040 resistance-turned-support again.

Below that, the next base lies at the 2980 troughs. On the upside, the immediate hurdle is still pegged at the 3090 resistance (recent peaks), while the subsequent obstacle is marked at the 3140-3172 gap resistance.

IG Markets Singapore meanwhile noted:

In Singapore today traders may not be looking to increase their exposure ahead of upcoming Fed and ECB speeches. With so much hype surrounding both central banks’ announcements, disappointment looks the most likely outcome.

The futures market is pointing to a flat open for the STI this morning.

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