Daily Markets Briefing: STI down 1.02%

Brace for a pullback today.

According to OCBC, despite the late rebound, the muted closings on Wall Street overnight could weigh further on local sentiment; the Nikkei is around 0.9% lower in early trade.

As previously noted, the ability of the STI to convincingly sustain above 2600 is key to a stronger rebound; while the index managed to hold above this level yesterday, it may attempt to test it again today.

Here’s more from OCBC:

If it does not hold, we see a risk of the STI slipping back towards 2521 for a start; but a much firmer support can only be found around 2424.

On the upside, we peg 2650 as the initial resistance ahead of the key 2700 level.

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