STI closed 2,959.01 yesterday rebound the loss from previous day. STI now trading above the neckline of the mini head&shoulder formation or rebound from the backtest from the falling wedge formation. One interesting aspect in the increasing in volume for the past days. The expansion in volume could signify either the backtest of falling wedge formation completed and rebound to estimated target of 3,150 or breakdown the neckline of mini head&shoulder with downside target of 2,850.
Things to look out for :-
1. volume expansion continues and STI moves higher to negate the head&shoulder formation
2. look out for Stochastic and RSI direction, after yesterday rebound, both look onset to rebound up too
3. support zone 2,880 - 2,945 cannot be broken down
4. long-term GMMA still in uptrend mode
From the look of it, bias is towards the backtest of falling wedge formation completed and resume uptrend.
