STI to edge up slightly

As companies begin the reporting season, US equities were bolstered by 4Q earnings optimism.

On 10 January 2012, OCBC Investment Research said:

The STI, which fell 0.9% yesterday on profit-taking following the 3.3% rebound in the previous week, should edge up slightly this morning.

But near-term gains are still likely to be capped around 2733 (50-day moving average, also close to 100-DMA at 2737), given that the daily RSI has turned a tad more bearish.

As before, the STI needs to show that it can sustain itself above 2700 before confidence can return.

On the downside, we peg the initial support at 2670 (downtrend line resistance-turned-support), ahead of 2617 (lower Bollinger band).

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