Daily Markets Briefing: STI down 0.5%

Analyst predicts a deeper pullback towards 3160.

OCBC Investment Research said:

Renewed weakness on Wall Street overnight could send the local bourse down further today as investors lighten up positions ahead of the long weekend. Note that the Nikkei is already down 2.2% in early trade.

The STI, down another 0.5% after the previous session’s 0.4% slide, also triggered the parabolic sell signal yesterday.

As such, we could see a deeper pullback towards 3160 (mid Jan low) if 3200 gives way. Another important level to watch is 3135 – the 61.8% retracement of the 2931-3464 rally.

On the upside, 3239 (early Mar low) is likely to be the initial hurdle ahead of 3300; although there is a parabolic buy signal trigger at 3277.

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