Daily Markets Briefing: STI down 0.4%

Immediate resistance pegged at the 3448 level.

OCBC Investment Research said:

The muted reaction on Wall Street overnight is likely to cue the local bourse to a similar opening this morning.

After recovering for five consecutive sessions, the STI finally halted its climb yesterday with a 0.4% loss.

This could set the stage for some consolidation around current levels with the immediate resistance now pegged at the 3448 level (yesterday’s intraday high).

Beyond that, the next resistance lies at the 3485 peak. On the downside, the immediate support is still pegged at the 3405 resistance-turned-support, followed by the next base at the recent 3365 trough.

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