Daily Markets Briefing: STI down 0.3%

Key hurdle pegged at the 3200 mark.

OCBC Investment Research said:

The rebound on Wall Street overnight could spark off a technical rebound for the STI today, especially after slipping another 0.3% Friday.

But market watchers expect to see further uncertainty in the local bourse, citing worries of a faster-than-expected Fed tapering.

We concur, and technically as long as the index doesn’t fill that 3051-3071 gap first, it may lack the strength to overcome the key 3200 hurdle (the upper Bollinger Band is also nearby).

For now, 3125 (50% retracement of 2990-3260 rally) will be the first resistance, ahead of 3157 (38.2% retracement of that same rally).

On the downside, we expect some minor support at 3100.

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