The STI broke out positively above its 3-day downtrend line to open above its 1800 psychological resistance level this morning as the slight optimism from the US market filtered to the Asian markets.
However, the intraday indicators seem to suggest that upside could be limited in the afternoon as the MACD indicator is already converging down towards its signal while RSI has indicated an overbought signal since yesterday.
Our immediate resistance is pegged at around 1860 (the breakdown gap in Jan ? already tested but not breached yet), followed by 1883 (23.6% Fibonacci retracement of the plunge from all-time 3270 high to the recent 1455 low).
On the downside, we see immediate support at around 1730 (breakup gap in early Apr'09) and subsequently 1663 (50% Fibonacci retracement of the rally from Mar '09 low to Apr '09 high respectively).
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