Daily Markets Briefing: STI up 0.5%

Brace for a pullback today.

According to OCBC, the strong close on Wall Street overnight could continue to lift recently-battered local sentiment, potentially extending the STI's recovery.

Here’s more from OCBC:

The index appears to have found a near-term base around 2850; and with the RSI still showing oversold signals, we think that a technical rebound is in progress.

However, we also see that the MACD is still quite bearish, suggesting that continued failure to clear the 2900 hurdle could see renewed selling into strength.

Hence, we do not rule out a gradual slide back towards 2800 if that happens.

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