Published:
Daily Markets Briefing: STI up 0.1%
Selling pressure likely to build up again.
OCBC Investment Research said:
The continued recovery on Wall Street overnight could offer the local bourse some support this morning.
With the STI now hovering just below the 3030 key support-turned-resistance after yesterday’s mild 0.1% recovery, selling pressure could start building up again.
Beyond this immediate key hurdle we still see the next resistance at the 3070 minor peak (also 1-month downtrend resistance).
On the downside, 3000 is now the immediate support level, followed by the next base at the 2940 key trough.
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