Daily Markets Briefing: STI down 1.5%

Expect another retreat today.

According to OCBC, the retreat on Wall Street overnight is unlikely to provide any inspiration to the local bourse this morning.

Here's more from OCBC:

After another unexpected 1.5% plunge yesterday, the STI is hovering just above its 1.5-year key uptrend support at around 3330; a convincing break below this key trend-line could invite further selling pressure.

Nevertheless, we think that the formation of a base and a technical rebound around current levels is more likely following its recent sharp decline.

For now, we are pegging the immediate resistance at the 3390 support-turned-resistance.

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