Daily Markets Briefing: STI down 0.5%

Gains are likely to be limited.

According to OCBC, the rebound on Wall Street overnight could lift local sentiments slightly this morning.

Here's more from OCBC:

Still, gains are likely to be limited - the STI’s near-term downside momentum seems to be picking up after falling some 0.5% and below its 3280 immediate support yesterday.

For now, we are pegging the new support level at the 3250 (near the 4-month uptrend support), followed by the next base at the 3220 key trough.

On the upside, 3280 is now the immediate support-turned-resistance, with the next hurdle marked at the 3310 recent peak.

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