Daily Markets Briefing: STI up 0.7%

Expect good news today.

According to OCBC, despite the pullback on Wall Street overnight, the more significant recovery by the US indices the prior night could cue the local bourse to a positive start instead.

Here's more from OCBC:

After overcoming the 3190 resistance, the STI is now likely to head higher towards the 3220 resistance for a test today.

However, we do not expect the index to clear this 3220 easily as that is where the key downtrend resistance is; selling pressure could resume as the index approaches this level.

On the downside, 3180 is now the newly established resistance-turned-support, followed by the next base at the 3150 recent trough.

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