Daily Markets Briefing: STI up 0.2%

Immediate support still pegged at the 3,265 mark.

OCBC Investment Research noted:

The continued retreat by the US indices overnight could keep the local bourse on the back-foot this morning.

Despite registering a mild 0.2% gain yesterday, the STI is clearly having difficulties overcoming its 2-week downtrend resistance line at the moment.

Going forward, the index is likely to continue drifting just below this downtrend resistance with the immediate support still pegged at the 3,265 minor trough.

Beyond that, the next base lies at the 3,240 key resistance-turned-support. On the upside, the immediate resistance is marked at the 3,300 psychological hurdle and downtrend resistance, with the next obstacle lying at the 3,315 recent peak.

IG Markets Singapore said:

The STI closed slightly higher yesterday +4pts to 3294. We expect the STI to open mostly unchanged.

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