STI down 0.3%

Consolidation is forecast to continue.

OCBC Investment Research said:

The muted reactions on Wall Street last Friday night is likely to keep the local bourse in a more subdued mode this morning.

As such, the STI, which registered a 0.3% loss in the last session, could continue to consolidate with the 3200-3230 range today.

Beyond the 3230 immediate resistance, the next obstacle lies at the 3280 resistance (key peak in Jan ’11). On the downside, the subsequent base is pegged at the 3150 resistance-turned-support

Meanwhile, the MACD has just initiated a bearish crossover; this suggests that the recent upside momentum is waning and a significant pullback could be on the horizon.

IG Markets Singapore meanwhile noted:

The STI slipped 0.3% on Friday after a bout of consolidation. But it starts the week at 3216.5, buoyed by the global tide of bullishness that tends to ignite markets at the start of a new year.

On the commodities front, oil has been trading sideways although it slipped a little after the Chinese inflationary news. US crude trades at US$93.72 a barrel while Brent sits at $110.55.

Gold has also done very little, remaining sluggish at $1662 an ounce. Of the IG clients holding the precious metal, 86% are in long positions, reflecting the bullish mood of traders.

Today in Singapore, the futures market points to us opening 0.3% lower on the STI this morning.

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