However, should a correction happen in July, the major support to watch for a rebound is at 312.20 points and 305 points, they add.
CGS International (CGSI) analysts Lock Mun Yee, Lim Siew Khee and Chua Wei Ren have upgraded their long-term target for the MSCI Singapore Index to 322 points over the six-month period as the index is currently closing in on their long-term target of 316.50 points. This comes earlier than expected after the index stood above the consolidative range of 307.95 to 312.20 points, which they note is “seen as a bullish continuation” pattern.
“The index’s uptrend has stayed intact for the past six months, since rebounding from its December 2023 low of 268.72 points, and is likely to maintain its upward trajectory for the next three to six months, in our view,” the analysts write in their Singapore strategy report dated June 28.
