Daily Markets Briefing: STI up 1.2%

Index likely to open higher, says analyst.

OCBC Investment Research noted:

The muted reactions by the US stocks overnight are unlikely to provide any cues to the local bourse this morning.

And with the STI having already registered a significant 1.2% gain yesterday, the market could see some profit-taking if the index cannot convincingly clear the 3,330 key immediate hurdle soon.

Nevertheless, the daily MACD has just initiated a bullish crossover; this suggests that the upside momentum is picking up as well.

On the downside, the immediate support is still pegged at the 3,265 recent trough, followed by the next base at the 3,240 key resistance-turned-support.

Meanwhile, IG Markets Singapore said:

In Singapore, we continue to see a strong upward trend despite recent range bound trading. We expect the STI to open up stronger.

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