Daily Markets Briefing: STI down 0.3%

Today’s tone likely to remain bearish, says analyst.

OCBC Investment Research said:

The continued retreat on Wall Street overnight is likely to cue the local bourse to another negative start this morning.

As a recap, the STI fell another 0.3% yesterday as the MACD indicator also initiated a bearish crossover; this suggests that downside momentum is probably picking up.

And with today’s tone likely to remain bearish, we could see the index maintaining its decline towards the 3130 immediate support.

Below that, the next key base lies at the 3070 resistance-turned-support. On the upside, 3200 psychological level is still the immediate resistance, followed by the subsequent hurdle at the 3270 key peaks.

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