Daily Markets Briefing: STI up 0.2%
Index poised to test the 3230 mark.
OCBC Investment Research said:
The significant recovery on Wall Street overnight is likely to boost local sentiments further this morning.
Following yesterday’s 0.2% climb, the STI looks on track to test the 3230 immediate resistance within the next few days.
Technically, the MACD is also trending higher steadily now; this suggesting that upside momentum is still fairly intact.
Above the 3230 obstacle, the next hurdle lies at the 3260 subsequent peaks. On the downside, 3190 is still the immediate base, followed by the next support at the 3150 key resistance-turned-support.