Daily Markets Briefing: STI up 0.7%

Index likely to take a breather today.

OCBC Investment Research said:

The retreat on Wall Street overnight and the negative Nikkei start (down 0.2% now) are likely to cue the local bourse to a negative opening this morning.

After overcoming the 3250 key obstacle yesterday with a 0.7% gain, the STI could potentially take a breather this morning.

We do not rule out a retracement to retest the 3250 level. A successful rebound from there could propel the index to the subsequent resistance at the 3320 key support-turned-resistance in the weeks ahead.

Beyond the newly established 3250 resistance-turned-support, the next base is pegged at the 3200 level (recent trough).

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