Daily Markets Briefing: STI up 0.3%

Index poised to conquer the 3320 key obstacle.

IG Markets Singapore said:

In Singapore the STI gained 0.3% yesterday to start the day at 3317.6 points.

Meanwhile, OCBC Investment Research noted:

Despite failing the test at the 3320 key resistance (for the 4th time in 2 months) just a few days back, the STI is poised to attempt another test at this key level today following yesterday’s 0.3% rebound.

Should this 3320 key obstacle be conquered convincingly, the index could then head towards the next resistance at the 3400 psychological hurdle.

On the downside, the immediate support is still pegged at the 3280 minor resistance-turned-support, followed by the subsequent base at the 3230 key resistance-turned-support.