Daily Markets Briefing: STI ends flat

Today's tone likely to turn downside biased.

OCBC Investment Research said:

The poor Nikkei start (down 1.9% now) could keep the local bourse on the back-foot this morning.

As a recap, the STI saw a muted session in the last session with a flat close, while hanging just above its 1-month uptrend support.

But with today’s tone likely to turn more downside biased, we could see the index testing this key base again.

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

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

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