STI points to weaker open

Mixed reactions on Wall Street and the poor Nikkei start are unlikely to provide any inspiration, says OCBC Investment Research.

OCBC Investment Research said:

The mixed reactions on Wall Street overnight and the poor Nikkei start (down 0.5% now) are unlikely to provide any inspiration to the local bourse this morning.

As a recap, the STI survived a test of the 3040 base yesterday; despite retreating as much as 1.1% intraday, the index recouped most of the earlier losses to close 0.5% in the red.

But with today's tone likely to remain more downside biased, the index could potentially test this 3040 resistance-turned-support again.

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

IG Markets Singapore meanwhile noted:

Closer to home, the repercussions of Japan’s weak export data may lead to some cautious trading across Asia. Local traders may also fail to get excited by hints of more policy easing, which has yet to be backed up by action.

In Singapore this morning the STI points to a weaker open, challenging any reversal of yesterday’s 0.5% fall which left it just below the 3050 floor.

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