Daily Markets Briefing: STI down 1.4%

Subsequent base lies at the 3000 mark.

OCBC Investment Research said:

The muted reactions on Wall Street overnight and the weak Nikkei start (down 0.2% now) could dent local sentiments further this morning.

Following nearly six sessions of gains, the STI initiated a sharp pullback with a 1.4% loss yesterday.

This could potentially set the stage for a further correction back in the direction of the 3060 immediate support (key trough).

Below that, the subsequent base lies at the 3000 key psychological support. On the upside, the immediate key resistance is now pegged 3200 psychological resistance, followed by the 3230 support-turned-resistance.

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