Daily Markets Briefing: STI up 0.7%

And it's likely to stay buoyant.

According to OCBC, the positive Wall Street showing overnight could continue to keep local sentiment fairly buoyant this morning; although further upside could be limited after the STI’s 0.7% jump yesterday.

Here's more from OCBC:

No doubt that the daily technical indicators have turned positive; but uncertainty in the EU over the fate of Greece could see profit-taking starting to emerge at higher levels.

For now, we peg the initial cap around 3357 (previous troughs and peaks), ahead of 3389 (38.2% retracement of the recent fall from 3549 to 3291).

On the downside, 3302 (61.8% retracement of previous rally from 3149 to 3549) remains the key support, ahead of the recent 3291 low).

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