Daily Markets Briefing: STI down 0.9%

Index showing signs of fatigue, says analyst.

OCBC Investment Research said:

Continued strength on Wall Street Friday should provide some relief to local sentiment, especially after last Friday’s 0.9% tumble.

However, note that we are starting to see some signs of fatigue; recent gains made by STI were on relatively thin volumes while gainers continued to lag losers.

As such, failure to retake the key 3400 resistance could still result in a deeper pullback for the STI.

Initial support likely found at 3317 (centre of Bollinger band), ahead of 3300.

IG markets Singapore noted:

In Asia, we are seeing the futures market in Hong Kong and Singapore trading higher and would expect the open to reflect this.

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