STI’s short-term indicators
Short-term stochastics is at the bottom of its range and is hinting at a potential upturn. The 21-day RSI stopped declining at 30, and should rebound. ADX is approaching a one-year high, an indication of a very overstretched level, and should turn down soon.
These indicators suggest that a relief rally is likely to materialise soon. At this stage, the downtrend remains intact, and resistance for the initial rebound appears at 3,338.
There is no change in the weekly chart which shows a gradual downturn by annual momentum, with its own weighted moving average turning down a well. The earlier breakdown below 3,338 indicated a measuring objective of 3,100.
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