Daily Markets Briefing: STI down 0.8%

Expect another loss today.

According to OCBC, after initiating a fairly sharp bearish reversal from its 1-month downtrend resistance yesterday, the STI has now fallen back to its 5-month key uptrend support.

Here's more from OCBC:

With today’s tone still more downside biased, we could potentially see this support, as well as the 3430 recent trough being tested today.

Should these two key supports give way, we might see a quick descent towards the 3390 subsequent support next. On the upside, we still see the immediate resistance at the 3490 support-turned-resistance.

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