Daily Markets Briefing: STI up 0.6%

A pullback is likely today.

According to OCBC, following the STI’s 0.6% gains yesterday, the index has closed higher for the fifth session; but recent price action suggests that the market may be due for a technical correction soon.

Here's more from OCBC:

We note that the daily RSI is now just a shade below the overbought region, although the daily MACD continues to look pretty positive.

As such, we could start to see some healthy profit-taking should the index fail to clear the immediate 2885 hurdle, or fail to sustain itself above the immediate 2843 support.

While overall volume surged nearly 50% to 2.06b units, total value only grew 18% to S$987.7m, as average value/unit slipped 21% to S$0.48; this as interest continues to be driven by penny plays, even as gainers led losers 2.1 to 1.

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