Published:
Daily Markets Briefing: STI up 0.4%
Mixed reactions by US indices however are unlikely to provide inspiration, says analyst.
On 18 October 2013 OCBC Investment Research said:
Despite managing a mild 0.4% gain yesterday, the STI still seems to be facing headwinds at the 3200 psychological resistance as it ended the day near its intraday low yesterday.
And with today’s tone likely to remain fairly muted, we could see the index continue to hover just below this immediate obstacle or maybe even drift lower towards the 3155 immediate base (minor trough).
Beyond that, the next support is pegged at the 3125 key trough. On the upside, the subsequent hurdle lies at the 3260 key peak.
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