
Daily Markets Briefing: STI nearing 3300 key psychological resistance
Index could make a turn-around.
According to OCBC, the rebound by the US indices overnight could cue the local bourse to a positive opening this morning.
Here's more from OCBC:
Despite so, we might see profit taking coming in thereafter as the STI is now bordering near the 3300 key psychological resistance.
As such, the index could potentially retrace back in the direction of the 3280 level (now resistance-turned-support).
Beyond that, the next support is still pegged at the 3220 key trough. Meanwhile, the next hurdle lies at the 3360-3370 gap zone resistance.