Daily Markets Briefing: STI up 0.19%

Brace for pullback today.

According to OCBC, with Wall Street shut tonight, we expect the local market to range trade today with a slight bearish bias as investors could still be looking to lock in more gains from the recent rebound.

Here’s more from OCBC:

We note that the daily RSI’s recent rise is starting to falter and could struggle to remain above the 50% mark.

Meanwhile, overall volume has tumbled 41% last Friday with just 1.32b units traded, while total value also plunged 43% to S$1.06b; but average value/unit was little changed at S$0.80.

For now, we peg the initial hurdle at 2850, and then 2880; while the initial key support remains at 2800.

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