STI moving up....

In the first place, I won't say it is spectacular, because it is quite dull today. In fact, unconciously somewhere I am expecting some form of correction.


Fig 1 STI Daily Chart

The way I see it, both indicators are stagnant, they can't determine it should go up or down. In both cases, they are quite toppish if you ask me. While this is so, I feel that there are still some rooms for it to head up.

As it has broken the previous high, I draw a Fibonacci projection base on the point of penetration. The closest 23.6% resistance of the projection is 3,141. I guess there is a chance of STI hitting this height, that is if its indicators do not break downward.

The support on the other hand is located at 3,043.