Daily Markets Briefing: STI up 0.4%

Expect more good news today.

According to OCBC, with the US indices initiating a strong rebound overnight, this could provide further inspiration to the local bourse this morning.

Here's more from OCBC:

Following yesterday’s 0.4% rebound, the STI is on track to inch higher to test the 3390 key support-turned-resistance today.

But considering that the 3390 level is also where the 50-day SMA is currently located, we don’t think that this immediate obstacle will be conquered that easily.

Above 3390, we see the next key hurdle at the 3460 vital peak. On the downside, 3360 is now the immediate support, followed by the 3300 key psychological base.

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