Daily Markets Briefing: STI down 0.8%

Will today's tone improve?

OCBC Investment Research said:

The modest rebound on Wall Street overnight could provide some positive cues to the local bourse this morning.

Despite losing more than 1.3% at one point yesterday, the STI managed to crawl back to a 0.8% loss instead; this suggests that the index could be forming a near term base.

And with today’s tone likely to show some improvements, we could see the index recovering further in the direction of the 3000 psychological resistance.

Above that, the next obstacle lies at the 3030 support-turned-resistance. On the downside, the immediate base is still pegged at the 2940 key trough, followed by the 2900 psychological support.

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