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Daily Markets Briefing: STI up 0.4%
But risks are still in the firing line.
OCBC Investment Research noted:
Despite registering another 0.4% gain and overcoming the 3300 psychological level yesterday, the STI is still short of testing the strong resistance at 3315 (key peaks).
And with today’s tone likely to deteriorate, we could see the index reversing back south in the direction of the 3260 minor trough again.
Below that, the subsequent vital support still lies at the 3230 key resistance-turned-support. Meanwhile, we see secondary resistance at the 3400 psychological hurdle.
Meanwhile, IG Markets Singapore said:
The STI lifted 0.4% to break back above 3300 points. But all risk assets are in the firing line when their main catalyst for so long, QE3, threatens to be taken away.
Commodities were the worst performers, taking it from all sides as QE prospects were reduced and reports of a significant commodity fund winding up long positions put huge pressure on price.
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