Daily Markets Briefing: STI down 0.1%

Index likely to test the 3,300 psychological hurdle.

OCBC Investment Research noted:

The mild rebound on Wall Street last Friday night could cue the local bourse to a positive start this morning.

As a recap, the STI registered a muted 0.1% loss in the last session and is still facing difficulties overcoming the 2-week downtrend resistance line at the moment.

But today’s tone likely to remain more upside biased, the index might attempt another test of the downtrend line and the 3,300 psychological hurdle again.

Above that, the next resistance lies at the 3,315 recent peak. On the downside, the immediate support is still pegged at the 3,265 minor trough, followed by the next base at the 3,240 key resistance-turned-support.

Meanwhile, IG Markets Singapore said:

In Singapore, last week’s trading has been rangebound. We expect the STI to open flat.