Published:
Daily Markets Briefing: STI up 1.1%
Expect more good news today.
According to OCBC, the rally by the US indices overnight is likely to provide further inspiration to the local bourse this morning.
Here's more from OCBC:
After overcoming the 3220 resistance with a 1.1% recovery yesterday, the STI is now likely to maintain its climb towards the 3260 subsequent resistance next.
Meanwhile, the daily MACD has also initiated a bullish crossover; this suggesting that the bullish momentum is building up.
Beyond 3260, we see the next obstacle at the 3310 level. On the downside, 3220 is now the newly established resistance-turned-support, followed by the next base at the 3180 level.
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