Daily Markets Briefing: STI down 0.9%

Index likely to see a technical rebound today.

According to OCBC Investment Research:

The modest rebound on Wall Street overnight could provide some relief for the local bourse this morning, especially after the STI’s 0.9% tumble yesterday (index was down as much as 1.9% during the session).

While the index is likely to see a technical rebound today, inching higher towards the 3370 gap resistance, overall tone could remain cautious ahead of the weekend.

Above that, the next resistance lies at the 3410 minor peak. On the downside, the immediate resistance is pegged at the 3320 key resistance-turned-support, with the subsequent base marked at the 3303 level (yesterday’s intraday low).