Singapore market (26 Nov 12)

Singapore market: there is a dearth of macro and company-specific leads following a relatively quiet wkend. The Spore mkt in general, may be buoyed at the open, taking cue from the strong close in US markets last Friday. In the region, KOSPI and Nikkei are +0.2% and +1.3% respectively, at 8.23 am. Technically, the STI has resurfaced back above the 200 day MA. Together with RSI and Stochastics trending up steadily from oversold levels, this bodes positively for near term momentum. Initial resistance at the psychological 3,000 mark (coincides with the 20 day MA), followed by 3,027. Support at 2,977, also near the 200 day MA.