Daily Markets Briefing: STI down 1.2%

Immediate obstacle pegged at the 3280 mark.

OCBC Investment Research said:

The poor Nikkei start (down 1.9% now) is likely to spook the local bourse to a negative opening this morning.

Following the sharp 1.2% slip yesterday, the STI is now likely to initiate a test of its firm 1-month uptrend support this morning.

Should this firm uptrend support be breached, the index could retreat further towards the 3200 psychological support for the next test.

On the upside, 3280 is now the immediate obstacle, followed by the next hurdle at the 3320 support-turned-resistance.

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