Daily Markets Briefing: STI down 0.3%

Another pullback is likely today.

According to OCBC, with US closed for holiday overnight and the weekend just ahead, the local bourse is likely to start off on a muted note this morning.

Here's more from OCBC:

Meanwhile, the STI continues to hover just below the 3360 key resistance; after briefly coming close to this level intraday yesterday, it retraced to a 0.3% loss by the close.

We expect that this obstacle will continue to be a deterrent in the near term. Beyond that, the next hurdle lies at the 3390 key peak.

On the downside, the immediate base is pegged at the 3315 resistance-turned-support, followed by the next support at the 3270 level.

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