Since hitting intra-day high of 3,313 on 9th Nov 2010 and pulling down to hit intra-day low of 3,118 on 24th Nov 2010, STI has formed 2 trend lines -- a downtrend and an uptrend.
The downtrend was invalidated on 25th Nov 2010 after previous 2 failure attempts to do so on 19th Nov and 23rd Nov 2010.
Currently, STI is moving in the uptrend channel and there was an attempt to breakout from that channel on 2nd and 3rd Dec 2010 but failed to do so.
If STI continues to move in the uptrend channel, the next 2 levels to watch will be 3,179 and 3,212 ( the lower and upper boundary of the uptrend channel ).
As long as the current uptrend channel does not breakdown, STI is biased in moving up.
