Daily Markets Briefing: STI down 0.6%

Today's tone likely to deteriorate, says analyst.

OCBC Investment Research said:

The renewed pessimism on Wall Street overnight and the poor Nikkei start (down 1.3% now) could spook the local bourse to further losses this morning.

Following another 0.6% decline yesterday, the STI is now barely hanging above its near 2-year key uptrend support.

And with today’s tone likely to deteriorate, the index could test and potentially violate this uptrend line as it heads further south towards the 3070 key trough.

Below this, the next base is pegged at the 3000 key psychological level. On the upside, 3180 region (3-month downtrend resistance) is the immediate obstacle, with the next hurdle lying at the 3210 key support-turned-resistance.

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