Daily Markets Briefing: STI down 0.8%

But a rebound could happen today.

According to OCBC, the 1% rebound on Wall Street last Friday night is likely to cue the local bourse to a stronger start this morning.

Here's more from OCBC:

Despite so, we noted that the STI has decisively breached its 6-month uptrend support following a 0.8% retreat in the last session; any technical rebound from here could potentially invite investors to sell into strength.

For now, we have pegged the immediate resistance to the 3310 support-turned-resistance, followed by the next hurdle at the 3380 key peak.

On the downside, 3265 recent trough is the immediate support, with the subsequent base at the 3230 key troughs.

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