Expect some benefit taking today.
As per OCBC, the STI's rally of 1.7% yesterday was more grounded than-anticipated, particularly in light of the 7.9% fall in NODX in Apr; and with Wall Street turning bring down overnight, we could see benefit taking rising at the end of the day.
Here's additional from OCBC:
Inability to clear the following key obstacle at 2800 is broadly anticipated that would bring back the bears; regardless, the business sector will likewise should be persuaded that the 100-DMA resistance-turned-support (at present around 2758) preceding we see more deal seekers returning.
Else, we could see all the more short enthusiasm returning into the business sector, and send the record back towards 2700.
General volume plunged 29%, yet stayed at a dynamic 2.7b units exchanged, while normal quality/unit verging on multiplied to S$0.46; likely determined by the bounce back in a portion of the battered blue chips.
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