Daily Markets Briefing: STI down 0.86%

Expect muted gains today.

According to OCBC, continued weakness on Wall Street overnight is likely to weigh further on local sentiment; the Nikkei is down 0.6% already in early trade.

Here’s more from OCBC:

As before, the STI could be making its way back to test the 2850 support; although we suspect that stronger bargain hunting interest may only emerge closer to 2800.

And on the upside, 2900 remains a formidable hurdle in the near term; we think that traders are likely to be looking to sell into strength around there.

Above 2900, we peg the next strong resistance at 2931.

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