Daily Markets Briefing: STI ended flat

It failed to overcome the immediate hurdle.

According to OCBC, renewed weakness on Wall Street overnight could continue to weigh on local sentiment today; investors could also be looking to lighten their positions ahead of the weekend, given that the Greece issue is still looming and is far from being resolved.

Though the STI ended flat yesterday, it again failed to clear the immediate 3357 hurdle, suggesting the recent rebound is running out of steam, even though the daily technical indicators remain somewhat positive.

Here's more from OCBC:

Hence we could see a pullback towards 3336 (centre of Bollinger Band) in a near term, ahead of the next support at 3302.

Above 3357, we peg the next resistance at 3389 (38.2% retracement of the recent fall from 3549 to 3291).

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