Although the STI managed to clear the 1500 hurdle, we remain largely unconvinced over the longevity of this "rally"? We feel that it is a just technical rebound unless we see 1567 being taken out convincingly over the next few days.
But it may be tough? Not only are the daily technical indicators still showing pretty bearish signals, but the intraday indicators are also softening.
We may see more profit-taking in the afternoon session, bringing the STI to retest the intraday 1506 low and even the 1500 support. Key support remains at 1474; initial resistance 1530, ahead of 1567 (3-month downtrend line).
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