Daily Markets Briefing: STI punched through the 3405 mark

Index poised for a positive start today.

OCBC Investment Research said:

With both the US and European markets reaching fresh new highs overnight, this is likely to cue the local bourse to a positive start this morning as well.

Following a few short sessions of consolidation, the STI punched through the 3405 immediate resistance yesterday.

This could set the stage for the index to recover further towards the 3485 obstacle in the days ahead, while the next resistance lies at the 3500 psychological hurdle.

On the downside, the immediate support is now pegged at the 3405 resistance-turned-support, followed by the next base at the 3365 recent trough.

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