Daily Markets Briefing: STI down 0.9%

Index likely to gain 0.3% at the open.

OCBC Investment Research noted:

While the STI, which ended 0.9% lower yesterday, could stage a technical rebound, we think that investors may still be looking to sell into strength.

This if the index fails to convincingly clear the 3282 hurdle (centre of Bollinger band); the STI also looks uncomfortable above 3300.

Hence, there is a risk of the index retracing back towards the initial 3200 psychological support, and even to 3171 (38.2% retracement of 2931-3319 rally).

Meanwhile, IG Markets Singapore said:

The positive finish to the US markets means we are pricing in a 0.3% gain for the STI at the open.

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