Published:
Daily Markets Briefing: STI down 0.1%
Today’s tone likely to be more upside biased.
OCBC Investment Research said:
The rebound on Wall Street overnight is likely to provide some inspiration to the local bourse this morning.
Despite another 0.1% loss yesterday, the STI’s recent retreat seems to have moderated as a near-term base seems to be forming just above the immediate 3120 resistance-turned-support.
And with today’s tone likely to be more upside biased, we could see the index recovering back in the direction of the 3180 recent peak.
Above that, the next hurdle lies at the 3220 various peaks. On the downside, we now see the subsequent support at the 3070 level.
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