Daily Markets Briefing: STI up 0.6%

Next resistance pegged at the 3220 mark.

OCBC Investment Research:

The continued recovery on Wall Street overnight is likely to provide further inspiration to the local bourse this morning.

As such, the STI which climbed 0.6% yesterday could continue its march in the direction of the 3180 key peak.

However, do note that the 3180 obstacle (also near the clear 6-month downtrend resistance) remains a tough obstacle to overcome in the near term.

Meanwhile, the next resistance lies at 3220. On the downside, the immediate support is pegged at the 3120 trough, followed by the subsequent support at the 3070 resistance-turned-support.

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