Daily Markets Briefing: STI down 0.4%

Expect further declines today.

According to OCBC, with a lack of positive catalysts, the local bourse is likely to maintain its current downside momentum and open lower this morning.

Here's more from OCBC:

Following the confirmation of its bearish engulfing candlestick pattern the day before, the STI declined another 0.4% yesterday.

Right now, it is on track to correct further in the direction of the 3280 key support (key trough) in the days ahead.

Below that, the next base is at the 3235 key trough. On the upside, the immediate obstacle is still pegged at the 3360 level (recent high), with the next hurdle at the 3380 key peak.

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