Daily Markets Briefing: STI closed flat

Don't expect gains today.

According to OCBC, the STI gave up most of its early gains last Friday to close flat as investors opted to use the technical rebound to sell into strength; this as the medium-term picture remains somewhat muted - the 50-DMA (now at 3431) could cut down on the 100-DMA (now at 3424); MACD is still stuck deep inside the negative region.

Here's more from OCBC:

In any case, the rebound also failed to test the upper downtrend channel boundary (around 3323) on Friday; as such, we could see the index sliding further towards 3291 (recent low) and even 3267 (early Jan low).

But should the index hold above 3291, we could see the formation of a near-term bottom, which could allow the STI to try and test the downtrend resistance once again.

Otherwise, the next base is only likely found around 3252-3258 minor gap.

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