STI rally running out of steam?

Plus renewed weakness on Wall Street is likely to dampen local sentiment, says OCBC Investment Research.

OCBC Investment Research said:

Renewed weakness on Wall Street is likely to dampen local sentiment this morning and encourage some profit-taking on the recent gains.

While the STI chalked up 0.1% gain yesterday, it was unable to sustain above 3000 level; it also formed a bearish Harami candlestick formation late last week, suggesting that the recent rally is running out of steam.

Expect a possible pullback to 2950, ahead of 2907 (centre of Bollinger band); but expect bargain hunters between those levels as daily MACD is still quite positive.

Initial cap remains at 3000, ahead of 3033 (2012 high).

IG Markets Singapore meanwhile noted:

On the local market, the STI continues to show its resilience as it fought off the bears yesterday to finish marginally in the black as it makes another push to end the day above 3000 points.

It faces the challenge of a futures market pointing to a weaker open this morning, while Japan comes back from a one-day break to see its market down.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia