Daily Markets Briefing: STI up 0.17%

Stocks are expected to rally today.

The Straits Times Index ended 5.77 points higher or +0.17% on Monday, taking the year-to-date performance to +4.43%

According to OCBC, the further recovery by the US indices overnight could inspire the local bourse to another positive run this morning.

Here’s more from OCBC:

Following yesterday’s 0.2% gain, the STI is now on track to climb towards the 3330 immediate resistance for a test next.

Meanwhile, the daily MACD is also on the brink of a bullish crossover; this suggesting that the upside momentum could be picking up.

Beyond the 3330 level, the next hurdle lies at the 3360-3370 key gap zone. On the downside, we still see the immediate base at 3280 resistance-turned-support, followed by the subsequent support at the 3220 key trough.