Published:
Daily Markets Briefing: STI up 1.2%
Short-term traders may take profit, says analyst.
OCBC Investment Research said:
The continued recovery on Wall Street overnight could keep the local sentiments fairly buoyant this morning.
But after another strong 1.2% gain yesterday, the index is now hovering just a tad below the 3130 immediate resistance: it will not be a surprise to see short-term traders taking profit as the index approaches that region.
But should this hurdle be crossed in time to come, the index will likely move to test the 3180 key obstacle next.
On the downside, 3070 is still the immediate resistance-turned-support, with the next base lying at the 3000 key psychological support.
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