Daily Markets Briefing: STI up 0.2%

It's still locked in a consolidation mode.

OCBC Investment Research said:

The recovery on Wall Street overnight is likely to provide a mild inspiration to the local bourse this morning. Despite registering a 0.2% gain yesterday, the STI is still locked in a consolidation mode and is likely to remain so in the near term.

For now, we see the 3300 recent minor peaks as the immediate resistance for the index. Beyond that, the 3315 major peak is the key obstacle to overcome.

On the downside, the 3260 minor trough remains the immediate base, with the vital support level lying at the 3230 key resistance-turned-support.

Meanwhile, IG Markets Singapore noted:

In Singapore, the STI put on 0.2% to end the session at 3296 and should again break through 3300, as we price a 0.3% initial gain for the blue chip index today.

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