Daily Markets Briefing: STI down 0.8%

Will today's tone improve?

According to OCBC Investment Research, with US indices recovering rather strongly overnight, this could provide some inspiration to the local bourse this morning.

Despite losing more than 0.8% at one stage yesterday, the STI rebounded off the 3160 immediate support to close 0.4% lower: this suggests that the local market is still quite well supported at current levels.

And with today’s tone likely to show a positive turnaround, we could see the index heading back in the direction of the 3230 immediate resistance (minor peaks).

Above that, the next hurdle lies at the 3260 key peaks. On the downside, the subsequent base is pegged at the 3120 key trough.

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