Daily Markets Briefing: STI down 0.1%

Next hurdle pegged at the 3160 mark.

OCBC Investment Research said:

The persistent pull-back by the US indices overnight is likely to weigh further on the local bourse this morning.

Despite losing as much as 1.2% intraday yesterday, the STI managed to stage a technical rebound thereafter to just 0.1% lower close.

This suggests that the index may have found a potential base and could make a technical rebound back towards the 3120 initial support-turned-resistance in the days ahead.

Above that, the next hurdle lies at the 3160 support-turned-resistance. On the downside, 3025 (yesterday’s intraday low) is now the immediate base, followed by the next support at the 3000 key psychological base.