Published:
Daily Markets Briefing: STI up 0.3%
Downtrend resistance was finally hurdled.
According to OCBC, the surge by the US indices to another new all-time high overnight is likely to boost local sentiments this morning.
Here's more from OCBC:
After recovering some 0.3% and overcoming its 1-month downtrend resistance yesterday, the STI’s trend has also made a positive turn.
As such, we could potentially see the index building on its current upside momentum and head towards the 3280 immediate resistance next.
Above that, the next hurdle is pegged at the 3310 key peak. On the downside, we still see the immediate key support at the 3220 level, with the next support lying at the 3180 key trough.
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