Daily Markets Briefing: STI down 0.15%

Brace for a rebound today.

According to OCBC, the muted close on Wall Street overnight and the weaker US index futures, especially for the Nasdaq futures after disappointing numbers from Apple, could continue to weigh on local sentiment.

But having said that, the STI could be due for a technical rebound soon; this after closing lower for the 3rd straight session yesterday, with a loss of 0.2%; daily RSI has fallen to around 38%, which is not too far from the oversold region.

Here’s more from OCBC:

The index will try to retake the key 2900 support; but it may be tough to see it making further headway in this current environment; hence we expect 2919 to be a fairly tough hurdle to crack.

As before, we are likely to see more consolidation for now, keeping the STI within the 2868-2919 range.

Next key support remains at 2800; key resistance at 3000.