Daily Markets Briefing: STI up 0.5%

Signs of bullish breakout are showing.

According to OCBC, the rebound on Wall Street overnight is likely to cue the local bourse to a positive start this morning.

Here's more from OCBC:

Following yesterday’s 0.5% recovery, the STI has started to show signs of a bullish breakout from its recent consolidation.

And with today’s tone likely to remain more upside biased, we could see the index heading for the 3230 immediate resistance again.

Above that, the next obstacle lies at the 3260 subsequent peaks. On the downside, the 3190 level is still the immediate support, with the next key base pegged at the 3150 resistance-turned-support.

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