Daily Markets Briefing: STI up 0.8%

Index likely to open higher today.

OCBC Investment Research said:

While the local bourse could open higher this morning, buoyed by the strong 1Q earnings from the local banks, the STI could start running out of steam around 3313 (early Nov 2010 high).

We note that while the index has also made a strong 0.8% gain on Wed, it closed just below the upper uptrend channel resistance at 3265 (but broke out of the upper Bollinger Band at 3261).

And unless the index can trigger the parabolic buy signal at 3283, we could see a retracement back to 3231 (mid of Bollinger Band) before re-attempting to retest 3464 (22 May 2013 high).

Overall trading volume may also be muted ahead of the US non-farm report due tonight.

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