Daily Markets Briefing: STI up 1.3%

Analyst predicts index to open flat at 3292.

IG Markets Singapore noted:

In Singapore, the STI powered up 1.3% to sit just under the 3300 psychological threshold. We are pricing the open flat at 3292, and will look to build on yesterday’s foundations for a fresh assault on 3300 before the week ends.

OCBC Investment Research said:

And with the STI showing signs of breaking out bullishly from its recent consolidation pattern with a 1.3% rally yesterday, we could see it continuing its run today.

For now, the 3320 peak is the immediate obstacle in which the index could potentially test in the days ahead. Beyond that, the subsequent resistance lies at the 3400 psychological hurdle.

On the downside, the 3230 resistance-turned-support is the immediate base, with the next support level pegged at the 3200 psychological support.