Breaking 2,707 and still not out of the wood

I was on business trip to KL for the last 2 days. I took the usual mean of transportation, by road. It is not that my company cannot afford an air-fare for me. In fact, travelling became more affordable after my company swithc from MAS to Tiger Air. The problem is the transportation needed when I run around KL. My local sales are pre-occupied most of the time and it would be better for me to handle the customers by myself.

Of course that means almost no way to up-date my charts and monitor my counters (seriously I only entered one that I think is still safe). I was pleasantly surprise 2 nights ago when I noted STI broke 2,707 ( previous high ), it stopped at 2,708. The set up I have so far was bearish due to the wedge, it seems to me now that the wedge objective is broken (supposed to head for 2,500).


Fig 1 STI Weekly chart
With STI breaking 2,707. There are 2 levels which would be of interest. First resistance I see is 2,751 which I believe STI nearly met. This resistance councide with the lower envelop of the wedge, seems to me that it would be a hard nut to crack, at least for this week. The next in line would be 2,972 which happens to be a 2/3 retracement of its down trend.

While it is moving upward, both RSI and Stochastics are still on the upper half region with Stochastic displaying divergence. I am guessing at this point that we are still not out of the wood yet. If asked if I should be going in now, I would suggest not, at the same time it is not a time to sell. So the only option left would be "Hold".