Daily Markets Briefing: STI down 0.1%

Another pullback is expected today.

According to OCBC, the pullback on Wall Street overnight and the weaker Nikkei start (down 0.1% currently) could spark another bout of modest profit-taking.

Here's more from OCBC:

The STI, though down 0.1% yesterday, had been on an impressive 9.7% rally since mid-Oct 2014.

Still, we do not expect any pullback to be significant, given the daily technical indicators are still looking quite positive.

We peg the immediate support at 3394 (50-DMA), ahead of 3364 (lower uptrend channel boundary).

On the upside, we see the first hurdle at 3458 (recent high), ahead of 3489 (upper uptrend channel boundary).

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