Daily Markets Briefing: STI down 0.4%

It could slide further today.

According to OCBC, the continued retreat on Wall Street overnight could dampen the local sentiments further this morning.

Here's more from OCBC:

After yesterday’s 0.4% loss, the STI has seemingly failed its retest at the 3350 support-turned-resistance and breached its 1.5-year key uptrend support.

As such, we could potentially see the index sliding further south today towards the 3280 key trough.

Beyond that, the next base lies at the 3200 key trough. On the upside, we see the subsequent hurdle at the 3390 minor support-turned-resistance.

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