Daily Markets Briefing: STI down 0.5%
It’s okay to expect a turnaround this morning.
The more positive close on Wall Street overnight should see the STI attempt to re-take the key 3221 support-turned-resistance (38.2% retracement of 2953-3387 rally) once again; but the medium-term picture could still be somewhat gloomy, suggesting that selling into strength may prevail, says OCBC Overnight Market Commentary.
According to OCBC, the daily average value traded is still hovering around 73c per unit, suggesting that the market is probably avoiding the more speculative plays for now.