STI Mid-week updates

Trend : Up

We were spot on that STI stayed sideway with a downward bias in our last update. What does the waves tell us from here on?
STI 3100 held up to the bear onslaught very well. Signs are showing that a rebound is in the pipeline. This is a good opportunity to pick up stocks. Intermediate traders may like to go long and hold the stocks till STI nears its resistance at STI 3180. Short term traders may go long and be prepared to hold on the stocks till next week for more gain.  

Trend : Sideway

The election rally that started a couple of weeks ago is now losing strength and momentum. STI likely to be aimless for this week, until 7 May, election day. A potential trend reversal to the downside may occur. A violation below the 3150 support is the signal. With a sideway market and a potential bear at the sideline, intermediate traders may like use this  week to reduce their positions. Short term  traders may like to stay sideline until the market direction is clearer.