Daily Markets Briefing: STI down 0.1%

Today’s tone likely to remain downside biased.

OCBC Investment Research said:

The pull-back by the US indices overnight could dampen local sentiments further this morning.

Despite opening some 0.3% higher yesterday, the STI slipped to a 0.1% loss at the close subsequently; this suggests that the recent buying momentum has started to wane.

And with today’s tone likely to remain downside biased, we could see the index heading lower in the direction of the 3070 immediate resistance-turned-support.

Below that, the next base lies at the 3030 support. On the upside, 3120 is still the immediate key hurdle, followed by the next obstacle at the 3150 minor peaks.

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