STI likely heading into technical correction

This after having risen for seven straight days and closing 0.8% higher.

OCBC Investment research said:

The pullback on Wall Street overnight and the negative Nikkei start (down 0.3% now) are likely to cue the local bourse to a similar response this morning.

With the STI having climbed for the seventh consecutive session yesterday with a 0.8% higher close, it will not be surprising to see the index heading into a technical correction today.

Should the pullback kick in, we could see the index heading back to the 2950 resistance-turned-support for a test. Below that, the next key support lies at the 2900 key resistance-turned-support.

On the upside, the immediate resistance is now pegged at the 3000 key psychological obstacle, with the subsequent key resistance lying at the 3030 key peaks.

IG Markets Singapore meanwhile noted:

In Singapore, the STI has enjoyed a stellar start to Q3 and has risen for seven straight days. It starts the morning at the heady heights of 2971.5, although thoughts of breaking through the 3000 barrier look ambitious for end-of-week trading.

The futures market doesn’t bode well with a weaker open forecast this morning given Wall Street’s lacklustre turn.

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