Daily Markets Briefing: STI up 0.4%

Index recovering further towards the 3150 mark.

OCBC Investment Research said:

With the S&P500 closing at a record high overnight, the local bourse may continue to see more cheer this morning.

Already, the STI has conquered the 3120 key resistance with a 0.4% climb yesterday; it is also showing signs of overcoming its 6-month downtrend resistance.

As such, we could see the index recovering further towards the 3150 minor peaks.

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

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