Daily Markets Briefing: STI down 0.3%

Today’s tone likely to remain downside biased.

OCBC Investment Research said:

The continued retreat on Wall Street overnight could dampen local sentiments further this morning.

As a recap, the STI extended its decline with another 0.3% loss yesterday after failing to overcome its 4-month downtrend resistance on Monday.

And with today’s tone likely to remain downside biased, we could see the index sliding further towards the 3155 support (minor trough).

Below that, the next base lies at the 3120 key trough. On the upside, 3230 is still the immediate resistance (minor peaks), as the next hurdle is pegged at the 3260 key peaks.

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