Daily Markets Briefing: STI up 0.5%

Expect limited gains today.

According to OCBC, the rebound on Wall Street last Friday night could offer a mild inspiration to the local bourse this morning.

Here's more from OCBC:

However, we expect any gains to be limited as the STI is already nearing its 3460 key peak following a pretty steep ascent over the past two weeks.

As such, it will not be a surprise to see some form of technical correction or consolidation in the days ahead just below this key hurdle, before the index makes a push towards the 3500 subsequent resistance.

For now, we are pegging the immediate support at the 3400 psychological level (also minor trough), with the next base lying at the 3360 key resistance-turned-support.