Published:
Daily Markets Briefing: STI up 1.1%
Today's tone likely to remain fairly buoyant, says analyst.
OCBC Investment Research said:
The continued recovery on Wall Street overnight and the positive Nikkei start (up 0.8% now) are likely to cue the local bourse to a higher opening this morning.
For now, the STI seems to have found a minor base at the 3000 psychological level after yesterday’s 1.1% rebound.
And with today’s tone likely to remain fairly buoyant, we could see the index heading towards the 3070 key support-turned-resistance for a test soon.
Below the 3000 level, we still see the next base at the 2930 key trough. On the upside, the subsequent obstacle is pegged at the 3130 resistance.
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