Daily Markets Briefing: STI down 0.6%

Analyst predicts a soft technical rebound today.

OCBC Investment Reseaerch said:

As such, the STI which retreated another 0.6% yesterday could see a soft technical rebound today. Meanwhile, the near-term momentum is still more downside biased as the MACD is still trending lower steadily at the moment.

For now, the index remains on track to drift lower towards the 3230 key resistance-turned-support for a test in the days ahead.

Beyond that, the subsequent base lies at the 3200 psychological support. On the upside, the immediate resistance is now pegged at the 3280 minor support-turned-resistance, with the next obstacle marked at the 3320 key peaks.

IG Markets Singapore noted:

In Singapore yesterday, we finished the day at our lows of 3248.4, a drop of 0.6%. We are set for a flat open, despite a positive finish in the US with the S&P 500 up 0.7% and the Dow gaining 0.4%.

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