Published:
Daily Markets Briefing: STI up 0.6%
But a pullback is due soon.
OCBC said that despite the STI’s continued gains, charts suggest that the index is toppish and is due for a pullback pretty soon; note that it also filled the minor gap at 3375-3381 yesterday.
Here's more from OCBC:
With the US index futures edging lower in after-market trading, this increases the odds for a near-term correction back to 3357, ahead of of the next support at 3302.
We also note that the spotlight has once again shifted back to the penny plays.
Still, the ability to sustain above 3357 could see the index head back up towards 3400; but this hurdle could be quite formidable.
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