STI set for weaker open

The index is forecast to remain rangebound for this week.

OCBC Investment Research said:

Sharp falls on Wall Street and the weaker Nikkei start (now down 1.2%) are likely to weigh further on local sentiment this morning.

The STI closed 0.4% lower on Friday and also below the 30-DMA and 50-DMA (currently sited around 3050 & 3057), which should act as immediate resistance.

Above that, we peg the next hurdle at 3060 (middle of Bollinger band), ahead if 3097 (upper Bollinger band).

For now, we expect to see the index easing back towards 3023 (lower Bollinger band), but should hold above the key 3000 psychological level for now.

IG Markets Singapore meanwhile noted:

Given the uncertainty in the US and pessimism over China the STI is likely to remain rangebound for this week at least, if not until the end of the year.

For today the futures market points to a weaker open for the local market.

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