Daily Markets Briefing: STI up 0.4%
Index recovering further towards the 3150 mark.
OCBC Investment Research said:
With the S&P500 closing at a record high overnight, the local bourse may continue to see more cheer this morning.
Already, the STI has conquered the 3120 key resistance with a 0.4% climb yesterday; it is also showing signs of overcoming its 6-month downtrend resistance.
As such, we could see the index recovering further towards the 3150 minor peaks.
On the downside, 3120 is now the immediate resistance-turned-support, with the next base lying at the 3070 level.