Daily Markets Briefing: STI down 1.1%
Selling pressure likely to pick up today.
OCBC Investment Research:
The significant pull-back on Wall Street overnight could dampen local sentiments further this morning.
Following the unexpected 1.1% loss and bearish break of the 3120 support by the STI yesterday, we could potentially see selling pressure picking up today.
This could send the index further south to the 3070 immediate resistance-turned-support (also long term uptrend support) for a test next.
Below that, the next base lies at the 3030 key trough. On the upside, 3120 is now the newly established support-turned-resistance.