Daily Markets Briefing: STI down 0.3%

Trading interest likely to remain muted.

OCBC Investment Research said:

The local bourse could get a modest boost from the firmer close on Wall Street overnight; but overall trading interest could remain muted, with Japan, South Korea and Hong Kong markets shut today.

As expected, the STI extended its losses to close 0.3% lower yesterday, adding further to Friday’s 0.4% pullback.

While the daily technical indicators are still looking slightly negative, the index is close to some near-term supports.

The first is at 3241 (lower uptrend channel support) and also near to middle of the Bollinger Band at 3238, ahead of the 3200 psychological level.

Initial cap remains at 3292 (upper Bollinger band), ahead of 3313 (early Nov 2010 high); although we note that a rise above 3281 could trigger a parabolic buy signal.

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