Daily Markets Briefing: STI down 1%

Expect some gains today.

According to OCBC, the rebound on Wall Street overnight could offer some positive cues to the local bourse this morning.

Here's more from OCBC:

Following a sharp 1% retreat yesterday, the STI is now hovering just above the 3420 key support.

With today’s tone likely to turn more upside biased, we could see the index rebounding back in the direction of the 3470 immediate resistance (upper boundary of trading band).

Above that, we still see the subsequent hurdle at the 3500 psychological level. On the upside, the next base is pegged at the 3390 resistance-turned-support.

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