Daily Markets Briefing: STI down 0.5%

Any gains still fairly limited, says analyst.

OCBC Investment Research noted:

The mild rebound on Wall Street overnight could offer a reprieve for the local bourse this morning.

But with the STI’s near-term downside momentum still building up with another 0.5% loss yesterday, any gains today could be fairly limited.

For now, we still see the immediate base at the 3280 resistance-turned-support. Below that, the subsequent base lies at the 3250 minor trough.

On the upside, the immediate resistance is still pegged at the 3330 key peak, followed by the subsequent resistance at the 3400 psychological hurdle.

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