Daily Markets Briefing: STI up 0.1%

Expect more gains today.

According to OCBC, strong showing on Wall Street overnight should help lift local sentiment this morning (Nikkei +0.5% in early trade), although the STI could still be off to a slow start after the long weekend.

Here's more from OCBC:

Anyway, the STI looks due for a technical rebound (RSI showing oversold signal); and we should see it trying to re-take the initial 3202 resistance, conquering which, head north for the next hurdle at 3246.

But as before, failure to convincingly clear the initial 3202 hurdle could encourage investors to sell into strength (MACD still looks pretty negative).

On the downside, we peg the immediate support at 3150, ahead of 3100.