Daily Markets Briefing: STI down 0.3%

Brace for another decline today.

According to OCBC, renewed weakness on Wall Street overnight could continue to weigh on local sentiment this morning.

Here's more from OCBC:

The STI, when ended 0.3% lower yesterday, could continue falling towards 3438 (uptrend channel support) as the daily technical indicators are still looking quite bearish.

The daily MACD continues to decline at a fairly decent clip since cutting down high up in the positive territory on 24 Apr; RSI has just fallen below 50% level but still some way from showing oversold signals.

For now, we peg a modest immediate support at 3446 (50-DMA), which is also near the lower Bollinger Band at 3449.

On the upside, the index could meet a minor hump around 3476 (30-DMA, also 38.2% retracement of the 3356-3549 rally), ahead of 3500.

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