Daily Markets Briefing: STI down 0.3%

Hesitation was clearly evident.

According to OCBC, the modest gains on Wall Street overnight and the stronger Nikkei start (up 0.8% now) could provide a mildly positive cue to the local bourse this morning.

As a recap, the STI tracked back slightly yesterday with a 0.3% loss and displayed hesitation in overcoming its 1-month downtrend resistance.

Here's more from OCBC:

But with today’s tone likely to turn a tad more upside bias, we could see the index attempting to overcome this key obstacle again.

For now, we still see the immediate resistance at the 3163 immediate hurdle, followed by the next resistance at the 3230 support-turned-resistance.

On the downside. The 3060 key trough is still the immediate support, with the subsequent base lying at the 3000 key psychological support.