Daily Markets Briefing: STI up 0.2%

Index seen to consolidate around 3134 mark.

OCBC Investment Research said:

Renewed weakness on Wall Street could weigh on local sentiment today, and even spark profit-taking on Friday’s modest 0.2% gains.

For now, we should see the STI consolidating around 3134 (middle of Bollinger Band), bounded by 3088 (lower Bollinger Band) and 3180 (upper Bollinger Band).

However, continued failure to overcome the downtrend line resistance since mid-Sep ’13 (now situated at 3176, falling 1pt/day) does not bode well in the medium term.

But the index could trigger a parabolic buy signal at 3178.

In any case, penny stocks remain in play with an average traded value of S$0.30.

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