Daily Markets Briefing: STI up 0.5%

Index more inclined to head towards the 3,315 mark.

OCBC Investment Research noted:

The modest gains on Wall Street overnight are likely to keep the local bourse on a fairly buoyant mode this morning.

And with the STI initiating a minor breakthrough above its 2-week downtrend resistance with a 0.5% gain yesterday; this suggests that the index is now more inclined to head further north towards the 3,315 recent peak today.

At the same time, the daily MACD is also converging bullishly towards the signal line now.

Above the 3,315 obstacle, the subsequent hurdle lies at the 3330 key peak. On the downside, the immediate support is now pegged at the 3,300 psychological level, followed by the next base at the 3,265 minor trough.

IG Markets Singapore said:

In Singapore, the STI traded up higher +0.45% to 3308. Given the buoyant mood in most markets, our prices indicate Singapore to open higher.