Daily Markets Briefing: STI ends flat

Index predicted to drift lower.

OCBC Investment Research said:

Renewed weakness on Wall Street overnight and the sharp plunge seen in several penny stocks are likely to keep the overall sentiment fairly muted to slightly negative.

As such, we could continue to see the index (closed flat yesterday) drifting lower to fill the next gap at 3051-3071 region, especially if it fails to retake the initial resistance at 3173 (middle of Bollinger Band).

Note that the daily MACD is still falling rapidly towards the centre line.

We peg the next key support at 3000 and the next hurdle at 3260-3277 region.

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