Daily Markets Briefing: STI up 0.7%

It's a few inches below the downtrend resistance.

According to OCBC, the very modest gains on Wall Street overnight are unlikely to have much impact on the local bourse this morning.

Here's more from OCBC:

Following yesterday’s 0.7% recovery, the STI is now just a tad below its 1-month downtrend resistance. As such, we could potentially see some profit-taking from short-term traders today.

For now, we still see the immediate key support at the 3220 level. Below that, the next support lies at the 3180 key trough.

On the upside, 3280 is now the immediate support-turned-resistance, with the next hurdle pegged at the 3310 key peak.

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