Daily Markets Briefing: STI down 0.2%

Expect a rebound today.

According to OCBC, the strong rebound by the US indices overnight could inspire the local bourse to a positive start this morning.

Here's more from OCBC:

Following another 0.2% retreat yesterday, the STI is again back at the 3360 immediate support; it has managed to bounce off this base numerous times over the past two weeks.

With today’s tone expected to show significant improvement, we are likely to see the index rebounding off this support again, in the direction of the 3390 immediate hurdle.

Above that, the next key hurdle is still pegged at the 3460 vital peak. On the downside, we still see 3300 as the subsequent base.

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