Daily Markets Briefing: STI down 1.4%

Another pullback is likely today.

According to OCBC, although it was expected that the market could see more selling should the index fails to stay above 3202 hurdle, the strength of the pullback remained surprising.

Here's more from OCBC:

Currently, the STI is just sitting above the next 3150 support, but it is not a strong one at that, especially with the overall tone likely to remain cautious – note that Wall Street has closed lower overnight; Nikkei has opened 0.4% lower.

Still, the daily RSI is showing oversold signals for the STI, suggesting that a technical rebound is likely due soon; but unless the fundamentals improve, we could see more selling into strength.

On the upside, 3202 remains the immediate hurdle, ahead of 3246; below 3150, the next support is at 3100.

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