Daily Markets Briefing: STI up 0.3%

Today’s tone likely to remain more upside biased.

OCBC Investment Research said:

The rally by the US indices to another new all-time high last Friday night could provide further inspirations to the local bourse this morning.

As a recap, the STI climbed another 0.3% in the last session and merely crossed the 3200 psychological level by a single point.

And with today’s tone likely to remain more upside biased, the index could potentially inch higher in the direction of the 3230 immediate resistance (minor peaks) today.

Beyond that, the next hurdle lies at the 3260 key peaks. On the downside, 3200 is now the immediate support, followed by the subsequent base at the 3155 minor trough.