Daily Markets Briefing: STI up 0.1%

Analyst predicts index to inch higher.

OCBC Investment Research noted:

With both the US and European markets rallying to new highs again overnight, this is likely to boost local sentiments as well this morning.

As such, the STI which recovered just 0.1% yesterday could inch higher and possibly test the 3448 recent peak today.

Meanwhile, the upward-trending daily MACD indicator points to continued bullish momentum.

Above the 3448 immediate obstacle, we still see the next resistance at the 3485 peak. On the downside, the immediate support is still pegged at the 3405 resistance-turned-support, followed by the next base at the recent 3365 trough.

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