Daily Markets Briefing: STI down 0.7%

Index likely to slide further.

OCBC Investment Research said:

The continued pull-back on Wall Street last Friday night could cue the local bourse to further losses this morning.

After cracking the 3200 psychological support with a 0.7% retreat last Friday, the STI is now likely to see a further slide towards the 3130 key support (minor troughs and key uptrend support).

Meanwhile, the MACD continues to slip towards the centerline; this suggesting that the downside momentum is building up.

Below the 3130 base, we see the next support at the 3070 key trough. On the upside, 3200 is now the immediate support-turned-resistance, with the next hurdle pegged at the 3280 recent peak.

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