SG Market: Spore shares are likely to open with an upward bias after Wall Street bounced off its lows on Thurs on hopes that Greece has received approval for its austerity plan. US markets gained momentum to recover from a much weaker early session, which seems to suggest that things may look a bit better for Asia. However, sentiment is still nervous & tentative despite technical conditions remaining oversold & near-term downtrend has not been negated.
Overhead resistance is tipped at around 3080 with downside support at 3000. Corporate news is thin; overnight slump in oil prices may weigh on offshore names, though fuel-thirsty airlines & shipping stocks could benefit.
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