Daily Markets Briefing: STI down 0.6%

This could go lower.

According to OCBC, the pull-back on Wall Street overnight is likely to cue the local bourse to a negative start this morning.

Here's more from OCBC:

As a recap, the STI had already started its retreat yesterday with a 0.6% loss; this could potentially extend into a more significant retracement in the days ahead.

With today’s tone likely to remain more downside biased, we could see the index drifting lower towards the 3230 resistance-turned-support.

Beyond that, the next base lies at the 3190 level. On the upside the 3277 recent high is now the immediate hurdle, followed by the next obstacle at the 3300 psychological resistance.

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