Daily Markets Briefing: STI up 0.5%

Initial cap pegged at the 3223 mark.

OCBC Investment Research said:

The muted Wall Street showing overnight is likely to keep local sentiment cautious this morning.

Although the STI posted a 0.5% rebound yesterday, we note that it was far from convincing – the index barely managed to stay above the key 3200 level.

Play was still focused on penny stocks (average value of just S$0.43) and even then, losers managed to overwhelm gainers in an up day.

As such, an inability to stay above 3200 could herald a return to the recent 3178 low or even 3110 (early Oct 2012 low).

On the upside, we peg the initial cap at 3223 (5-day moving average), ahead of 3240 (several recent bottoms). Note that a bullish parabolic buy signal can only be triggered at 3313.

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