Published:
Daily Markets Briefing: STI up 0.4%
Here's the next obstacle.
According to OCBC, the recovery on Wall Street overnight is likely to keep local sentiments fairly buoyant this morning.
Here's more from OCBC:
Following yesterday’s 0.4% gains, we could potentially see the STI maintaining its run and test the 3310 key resistance today.
Technically, the daily MACD has already initiated a bullish crossover; this suggests an improving upside momentum.
Beyond the 3310 hurdle, we see the next obstacle at the 3360-3370 gap resistance. On the downside, 3260 (minor trough and uptrend support) is the immediate support, followed by the next base at the 3240 trough.
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