Daily Markets Briefing: STI up 0.7%

Expect more good news today.

According to OCBC, the muted reaction on Wall Street overnight is unlikely to have much effect on the local bourse this morning.

Here's more from OCBC:

Following an unexpected 0.7% rebound by the STI yesterday, local investors seemed to have turned more optimistic on the near term market outlook.

As such, the index could potentially attempt another break of the 3310 key resistance today. Should this obstacle be conquered convincingly, we expect the index to head towards the 3350 peaks next.

On the downside, we still see the immediate support at the 3260 level, followed by the next base at the 3230 resistance-turned-support.

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