Daily Markets Briefing: STI up 0.7%

Expect some good news today.

According to OCBC, the modest recovery on Wall Street overnight could keep local sentiments fairly buoyant this morning.

Here's more from OCBC:

However, selling pressure could start coming back in again should the STI fail to clear the 3300-3310 support-turned-resistance zone.

This as the daily MACD has fallen below the centerline, suggesting that the recent momentum has taken a significant turn for the worse.

Above 3300-3310, we still see the next hurdle at the 3350 peaks. On the downside, we peg the immediate base at the 3230 key troughs, followed by the 3180 subsequent support.