Daily Markets Briefing: STI up 0.4%

Index could inch higher towards the 3280 mark.

OCBC Investment Research said:

The recovery on Wall Street overnight and the positive Nikkei start (up 0.6% now) are likely to provide further inspiration to the local bourse this morning.

As such, the STI which gained 0.4% yesterday could continue to inch higher towards the 3280 immediate resistance (recent peak).

Meanwhile, the MACD has also started to head higher; this suggesting that the upside momentum is improving as well.

Beyond the 3280 obstacle, the next hurdle lies at the 3320 support-turned-resistance. On the downside, the immediate support is still pegged at the 3200 psychological base, followed by the subsequent support at the 3130 minor troughs.