Daily Markets Briefing: STI down 0.3%

Will the index slip further today?

OCBC Investment Research said:

The mild retreat on Wall Street overnight could continue to encourage profit-taking in the local bourse this morning.

As a recap, the STI saw a 0.3% pull-back yesterday after failing to take out its 6-month downtrend resistance.

This suggests that the index could slip further and potentially break the 3120 immediate resistance-turned-support next.

Below that, the subsequent base is pegged at the 3070 level. On the upside, the 3150 level (minor peaks) is still the immediate resistance, as the subsequent hurdle lies at the 3190 key peak.

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