As expected, the STI extended yesterday's rally this morning, buoyed by positive sentiments in both local and world markets.
But based on the mixed signals shown by the intraday technical indicators, the STI could continue to range trade.
Any upside is likely to be capped at 1600 (psychological and 30-day moving average), ahead of 1660 (50-day MA & upper Bollinger band).
Initial support remains at 1556 (recent troughs), followed by key 1530 (3-month downtrend resistance-turned-support line) level.
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