Daily Markets Briefing: STI up 0.7%

Next hurdle pegged at the 3320 mark.

OCBC Investment Research said:

Despite the Nikkei having a poorer start (down 0.2% now); the local bourse could still have a fairly buoyant start.

As a recap, the STI had a rather fruitful session yesterday to close nearly 0.7% higher; its 2-month downtrend resistance was also conquered at the same time.

As such, this bullish break could potentially fuel further optimism in the near term as the index heads further north towards the 3265 key peak for a test 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.