Daily Markets Briefing: STI down 1.3%

Expect a rebound today.

According to OCBC, the rebound on Wall Street Friday night should bring a tinge of relief to the local bourse, especially after the STI’s sharp 1.3% fall last Friday, which also extended the index’s losing streak to the 10th session.

Here's more from OCBC:

However, the index looks due for a technical rebound; the daily RSI has fallen to just shy of the oversold region, but as the daily MACD has broken below the centre line and appears to be widening, the bears could still be in control.

Hence if the index fails to convincingly regain the support of the 100-DMA (now hovering around 2763, the index could slip further towards 2700; while the next support is likely found around 2650.

Overall volume was flat with 1.3b units traded, while average value climbed 14% to S$0.96, led by the sell-down in the local banks. Market breadth was also quite negative with losers outpacing gainers nearly 2:1.

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