STI set to end losing streak

Boost in local sentiments is expected following the sharp rebound on Wall Street and the strong Nikkei start.

OCBC Investment Research said:

The sharp rebound on Wall Street overnight and the strong Nikkei start (up 2.1% now) are likely to boost local sentiments significantly this morning.

The STI continued to slip yesterday but showed some positive signs towards the late afternoon; despite losing as much as 0.6% at its intraday low, the index rebounded to close 0.2% in the red.

And with today's tone likely to improve further, we could see the index retaking the 3000 psychological resistance before heading for the next obstacle at 3040 (support-turned-resistance).

On the downside, the immediate support is still pegged at the 2980 minor troughs, with the subsequent base marked at the 2930 minor trough.

IG Markets Singapore meanwhile noted:

In Singapore, the four-day losing streak looks set to end as the wave of European euphoria sweeps into town. The futures market is pointing to a strong open for the STI this morning.

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