Daily Markets Briefing: STI down 0.7%

Index headed to a positive opening, says analyst.

OCBC Investment Research said:

With US index futures heading higher after Ben Bernanke’s overnight comments, the local bourse is likely to take cue with a positive opening this morning.

Even so, any potential upside could be limited as the index has already started to show signs of violating its 1-month uptrend support with a 0.7% correction yesterday.

For now, we continue to see the key support at the 3200 psychological base; the next support lies at the 3130 troughs.

On the upside, 3280 is still the immediate obstacle, followed by the next hurdle at the 3320 support-turned-resistance.

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