STI set for strong open

Thanks to the continued recovery by the US and European markets.

OCBC Investment Research said:

The continued recovery by the US and European markets last Friday are likely to cue the local bourse to another strong opening this morning; the Japanese market is closed for holiday today.

As a recap, the STI ended last Friday sharply higher following the bullish break above the 3040 resistance; after opening some 1% higher, the index climbed further to a 1.3% gain by the close on rather heavy trading volume.

And with today's tone likely to remain buoyant, we could see the index heading further north towards the 3090 resistance for a test.

Beyond that, the subsequent obstacle is pegged at the 3160 support-turned-resistance. On the downside, 3040 is now the newly established resistance-turned-support, with the next base lying at the 3005 minor troughs.

IG Markets Singapore meanwhile noted:

In Singapore today the futures market points towards a slightly firmer open for the STI this morning, as we look towards this week trading to see if this upward momentum can be maintained.

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