STI closed 2,932.04 on 28th April 2010 and with that drop now has developed into 2 possible scenarios
1. Backtest of falling wedge formation and if managed to rebound from there resume to target 3,150
2. Mini head&shoulder formation was formed and if breaks the neckline of the formation, downside target would be 2,850
The long-term GMMA lines still indicating uptrend. Stochastic and RSI indicators were damaged due to yesterday sell down and need to monitor for short-term rebound. Volume has expanded and could signal either breakdown of head&shoulder or rebound from backtest of falling wedge is on the card. The supporting zone of between 2,880 - 2,945 still intact at the moment.
Things to look out for in the next few sessions :-
1. neckline of mini head&shouldere formation around the 2,940 - 2,950 region cannot be broken
2. long-term GMMA lines still in expanding mode
3. direction of Stochastic and RSI
