Daily Markets Briefing: STI up 0.2%

It could continue consolidating.

According to OCBC, the muted reactions on Wall Street last Friday night and the flat Nikkei start are likely to cue the local bourse to a similar opening this morning.

Here's more from OCBC:

Following a mild 0.2% pull-back in the last session, the STI could continue to consolidate around current levels today with 3200 (also 1-month uptrend support) being the vital psychological support.

Meanwhile, the MACD has just risen above the centerline: this suggesting that the momentum is still more upside biased at the moment.

Below the 3200 level, the next base lies at the 3130 minor troughs. On the upside, 3265 key peak still the obstacle to overcome, with the next hurdle pegged at the 3320 support-turned-resistance.