STI set for flat or even negative open

The index is having trouble overcoming the 3067 near-term resistance.

OCBC Investment Research said:

The correction on Wall Street overnight is likely to spook the local bourse to a negative opening this morning.

Despite registering a 0.5% gain yesterday, the STI still seems to be having problems overcoming the 3067 near-term resistance for now.

And with today’s tone likely to turn more pessimistic, we could see the index reversing south again in the direction of the 3022 immediate support (recent trough).

Below that, the next base lies at the 3000 psychological support. On the upside, the immediate obstacle is still pegged at the 3067 recent peak, with the subsequent resistance marked at the 3100 psychological obstacle.

IG Markets Singapore meanwhile noted:

Focus today will continue on Europe and the second day of the summit in Brussels, though general expectations remain for little to change following its conclusion.

This morning we are pricing a flat open for Singapore.

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