Daily Markets Briefing: STI up 1%
Index likely to take a breather today.
OCBC Investment Research said:
The pull-back on Wall Street overnight could dent local sentiments slightly this morning.
Following the strong 1% rebound yesterday, the STI could take a breather and consolidate around current levels today.
Meanwhile, the daily MACD has also just crossed back above the centerline; this suggests that the upside momentum is improving as well.
Above the 3180 immediate obstacle, we see the next hurdle at the 3220 various peaks. On the downside, 3120 recent trough is still the immediate support, followed by the subsequent support at the 3070 level.