Daily Markets Briefing: STI down 0.3%

3285 immediate obstacle to be cleared.

According to OCBC, the further recovery by the US indices overnight could inspire the local bourse to a positive start this morning.

Here's more from OCBC:

Meanwhile, the STI retreated some 0.3% yesterday; this suggesting that the 3280 region is still a fairly tough hurdle to cross over easily in the near term.

But with today’s tone likely to turn more upside biased, we could see the index attempting to clear the 3285 immediate obstacle again.

Beyond that, the next hurdle lies at the 3300 psychological resistance. On the downside, 3220 key trough is the immediate support, followed by the 3180 resistance-turned-support.

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