Daily Markets Briefing: STI up 0.6%

Index likely to slip back to 3230, says analyst.

OCBC Investment Research said:

The significant retreats by both the European and US markets overnight are likely to dent local sentiments this morning.

Despite rebounding 0.6% yesterday, the STI could slip back in the direction of the 3230 key resistance-turned-support again today.

Meanwhile, the near-term downside momentum remains fairly intact as the MACD is still not showing signs of improvement yet.

Beyond the 3230 key support, the subsequent base lies at the 3200 psychological support. On the upside, the immediate resistance is still pegged at the 3280 minor support-turned-resistance, with the next obstacle marked at the 3320 key peaks.

Meanwhile, IG Markets Singapore said:

The local blue chip market ended the session up 0.6% at 3268. But it has been treading water a little recently and lacks the conviction to push it above 3300 and to stay there.

Today the futures market points to a lower open for the STI, which shouldn’t be a surprise following the on from the weakness seen in US trade.

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