Daily Market Briefing: STI closes flat

But it could be heading higher.

According to OCBC, the STI, which ended flat on Friday, could still be heading higher despite the muted Wall Street showing. This is because daily technical indicators are starting to look a tad more positive.

Here’s more from OCBC:
We note that the daily MACD looks close to cutting up, while the daily stochastic indicator has already cut up inside the oversold region recently.

The price action also suggests that the downside looks pretty well protected, with a firm base around 3319 (middle of Bollinger Band), which is also the 30-DMA.

We see the next support at 3276 (lower Bollinger Band, also 100-DMA); although there is a parabolic sell trigger at 3281.

On the upside, 3337 (Friday’s intraday) remains the initial hurdle, ahead of 3363 (upper Bollinger Band).

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