Daily Markets Briefing: STI closed flat

Expect a pull-back today.

According to OCBC, the continued pull-back on Wall Street overnight could dampen local sentiments this morning, paving the way for some profit taking ahead of the long weekend.

Here's more from OCBC:

As a recap, the STI registered a flat close yesterday, after showing signs of initiating a bearish reversal at the 3460 key resistance the day before.

Technically, the daily MACD has also started to converge bearishly towards its signal line, this suggests that the downside momentum could be building up.

As such, we are likely to see the index sliding further in the direction of the 3400 immediate support today.

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