Daily Markets Briefing: STI up 1%

Selling pressure is building up again, says analyst.

OCBC Investment Research noted:

The pull-back on Wall Street last Friday night and the muted Nikkei start (flat now) are unlikely to provide any inspiration to the local bourse this morning.

While the STI rebounded 1% last Friday, it fell short of the 3153 immediate resistance and 1-month downtrend resistance. As such, we could see selling pressure building up again.

This could potentially send the index back towards the 3060 key trough; meanwhile, the subsequent base lies at the 3000 key psychological support.

Above the 3153 immediate hurdle, we still see the next hurdle at the 3230 support-turned-resistance.

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