Daily Markets Briefing: STI up 0.5%

Expect a pull-back today.

According to OCBC, the mild pull-back on Wall Street overnight could cue the local bourse to a negative start as well this morning.

Here's more from OCBC:

After a 0.5% recovery yesterday, the STI is now hovering just below its near 1-month downtrend resistance now.

With today’s tone likely to turn more downside biased, we could see the index easing back slightly in the direction of the 3430 immediate base (recent trough).

The next base is pegged at the 3390 level. On the upside, the immediate hurdle lies at the 3490 support-turned-resistance, followed by the next obstacle at the 3550 key peak.

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