Daily Markets Briefing: STI down 0.9%

Expect another retreat today.

According to OCBC, the continued pull-back by the US indices overnight is likely to cue the local bourse to another poor start this morning.

Here's more from OCBC:

Following yesterday’s relatively sharp 0.9% correction, the STI is now on track to slide further towards the 3290 key support for a test soon.

Technically, both the daily RSI and MACD are still trending lower steadily at the moment, suggesting that the current momentum is still more downside biased.

On the upside, we still see the immediate obstacle at the 3360 key support-turned-resistance.

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