Daily Markets Briefing: STI up 0.2%

Expect more gains today.

According to OCBC, the rebound on Wall Street overnight should continue to provide a positive boost to the local sentiment, possibly extending the STI’s 3-day rebound towards the next 2850 hurdle.

Here's more from OCBC:

As noted previously, it was key for the STI to stay above the 2800 support, and it has done just that for the third consecutive day.

Although overall volume remains relatively thin, the daily technical indicators are looking a tad more positive; the MAC is starting to turn up, while the RSI has rebounded off the 50% level.

Still, the STI may still lack the strength to convincingly clear 2850 just yet, as overall tone could remain cautious ahead of the 1Q16 results from the banks and other heavyweights due around end Apr.

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