Daily Markets Briefing: STI up 0.6%

Short-term selling pressure likely to build up today.

According to OCBC Investment Research:

The poor Nikkei start (down 0.3% now) could cue the local bourse to a negative opening this morning.

And with the STI already nearing the 3260 key support-turned-resistance yesterday after a 0.6% gain; we could see short-term selling pressure building up today.

Despite so, the medium-term upside remains intact; as long as the 1-month uptrend support continues to hold, the index is still more likely to overcome this 3260 obstacle in the days ahead.

Beyond that, the next hurdle is pegged at the 3320 support-turned-resistance. On the downside, 3200 is still the immediate support, with the subsequent base lying at the 3130 minor troughs.