Daily Markets Briefing: STI down 0.3%

Expect a rebound today.

According to OCBC, the mild gains on Wall Street overnight are likely to keep the local market fairly buoyant this morning.

Here's more from OCBC:

However, we expect any upside to be limited as it is a short trading session today ahead of the CNY long weekend; many local investors are likely to have taken the week off by now.

We expect the index to trade within a narrow trading range, bounded by the 3460 immediate key resistance and the 3377-3388 gap support.

Above 3460, we still see the next hurdle at the 3500 psychological resistance. On the downside, the next support lies at the 3300 psychological level.

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