Daily Markets Briefing: STI up 0.3%

Index likely to slide towards the 3230 mark.

OCBC Investment Research said:

Despite initiating a technical rebound yesterday with a mild 0.3% gain, the STI’s near-term downside momentum remains fairly intact. And with today’s tone likely to turn more pessimistic, we could see the index resuming its slide towards the 3230 key resistance-turned-support.

Below the 3230 key support, the subsequent base lies at the 3200 psychological support.

On the upside, the immediate resistance is still pegged at the 3280 minor support-turned-resistance, with the next obstacle marked at the 3320 key peaks.

Meanwhile, IG Markets Singapore noted:

In Singapore, the STI edged up 0.3% to 3267 but the sentiment was cautious while trading volumes were light, as traders assessed the eurozone post-Cyprus bailout.