Published:
Daily Markets Briefing: STI up 0.4%
Today’s tone likely to remain fairly muted.
OCBC Investment Research said:
The mixed reactions on Wall Street overnight are unlikely to provide much inspiration for the local bourse this morning.
Although the STI recovered a further 0.4% yesterday, it still fell short of testing the 3120 key resistance (also the 6-month downtrend resistance).
With today’s tone likely to remain fairly muted, we could see the index consolidating just below this key obstacle.
Above the 3120 level, the next hurdle lies at the 3150 minor. On the downside, the immediate base still lies at the 3070 resistance-turned-support, followed by the subsequent support at the 3030 level.
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