Daily Markets Briefing: STI up 0.2%

Immediate obstacle pegged at the 3150 mark.

OCBC Investment Research said:

Despite S&P500’s record close, the late profit-taking on Wall Street could cue the local bourse to a muted start this morning.

After registering its fourth consecutive session of recovery with a 0.2% gain in the last session, the STI could potentially take a breather while waiting for fresh market catalysts.

For now, we still see the immediate obstacle at the 3150 minor peaks, as the subsequent hurdle lies at the 3190 key peak.

On the downside, 3120 is still the immediate resistance-turned-support, with the next base lying at the 3070 level.

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