Daily Markets Briefing: STI up 1.5%

Today’s tone to remain buoyant, says analyst.

OCBC Investment Research noted:

The continued recovery by both the US indices overnight and the Nikkei index (up 1.6% now) are likely to lift local sentiments further this morning.

As a recap, the STI rebounded nearly 1.5% yesterday to close just below the 3230 key support-turned-resistance.

And with today’s tone to remain buoyant, we could see the index attempting a bullish break on this vital 3230 obstacle today.

Meanwhile, we still see the subsequent hurdle at the 3320 support-turned-resistance. On the downside, 3160 is the immediate resistance-turned-support, followed by the subsequent base at the 3100 key trough.

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