Trend: Down
Looking at last week strong waves up chart, the rebound took SIT back to pre-Japan earthquake level. If STI can sustain at this level, we might be in the midst of the formation of a bottom. Technically this is an important week. We should be able to confirm this bottom by early next week. In the meanwhile, the trend is down and we should see STI backing down to the 3030 support level. Intermediate traders may like to close the short positions from Feb and stay sideline until the bottom is formed. Short term traders may like to buy at critical support and sell on rebound.
