Daily Markets Briefing: STI down 1.6%

Immediate key support pegged at the 3000 mark.

OCBC Investment Research said:

The retreat by the US indices overnight and the weak Nikkei start (down 0.2% now) could continue to weigh on local sentiments this morning.

With the STI convincingly violating the 3100 key support yesterday with a 1.6% loss, it is likely that the index could see further pullback in the days ahead.

Meanwhile, the immediate key support is now pegged at the 3000 key psychological base, with the next support pegged at the 2930 key troughs.

On the upside, 3100 is now the newly established support-turned-resistance, as the subsequent obstacle lies at the 3230 support-turned-resistance.

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