Daily Markets Briefing: STI closed flat

Expect some gains today.

According to OCBC, the mild recovery on Wall Street overnight could cue the local bourse to a positive start this morning.

Here's more from OCBC:

However, any gains are likely to be limited as the STI has seemingly violated its 5-month key uptrend support over the past few sessions and is generally more downside biased at the moment.

As such, there is still a good chance that the index could test and potentially breach the 3430 key horizontal support in the days ahead.

On the upside, we now see the immediate horizontal hurdle at the 3470 support-turned-resistance.

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