Daily Markets Briefing: STI down 0.8%

Will today's tone improve?

OCBC Investment Research said:

The more than 2% sharp fall by the US indices last Friday night is likely to spook the local bourse to further losses this morning.

The STI (which already fell 0.8% in the last session), could potentially test and break both the 3070 support and 2-year key uptrend support today.

Meanwhile, the daily MACD has also fallen sharply below the centerline, this suggests that the downside momentum is picking up quickly.

Beyond the 3070 support, the next base lies at the 3030 key trough. On the upside, 3120 is the immediate support-turned-resistance, followed by the next hurdle at the 3155 minor peaks.

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