Daily Markets Briefing: STI up 0.8%

Today’s tone likely to remain more upside biased.

OCBC Investment Research:

The continued recovery on Wall Street overnight is likely to cue the local bourse to another positive start this morning.

After a fairly strong 0.8% rebound yesterday, the STI is now hovering just below the 3200 immediate support-turned-resistance.

And with today’s tone likely to remain more upside biased, the index could potentially initiate a test at this immediate obstacle today.

Beyond that, the next hurdle lies at the 3230 minor peaks. On the downside, the immediate base is pegged at the 3155 minor trough, followed by the subsequent support at the 3120 key troughs.

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