Daily Markets Briefing: STI up 0.2%

More gains are on the cards today.

According to OCBC, the firmer Wall Street close Friday could continue to keep local sentiment buoyant, further adding to the STI’s 0.2% gains in the last session.

Here's more from OCBC:

Technically, the index looks pretty well supported at the moment; this after making a rebound off the lower boundary of the uptrend channel since mid Oct 2014; the daily MACD is starting to bottom and could cut up pretty soon.

For now, the downside is also pretty well protected by the uptrend line (3449) and the 50-DMA (currently around 3451), ahead of 3398 (38.2% retracement of the rally from 3154 to 3549).

On the upside, we peg the initial hurdle at 3482 (30-DMA), ahead of the psychological 3500 level.

However, do note that with the local reporting season drawing to close last Friday, the market may face a dearth of catalysts.

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