Daily Markets Briefing: STI bounces off 5-month key uptrend support

A slight retreat is looming.

According to OCBC, the pull-back by the US indices overnight and the weak Nikkei start (down 1% now) are likely to cue the local bourse to a slight retreat this morning.

Here's more from OCBC:

Despite so, the STI’s overall trend remains fairly positive at the moment, as it has just bounced off its 5-month key uptrend support and overcame its 1-month downtrend resistance recently.

For now we see the immediate resistance at the 3310 key peak, with the next hurdle pegged at the 3360-3370 gap resistance.

On the downside, 3240 is now the immediate base (recent trough), followed by the next support level at the 3220 key trough.

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