OCt 17, TA for STI

Trend - Downward
Momentum - Overbought
Support - 2717 (Resistance turn Support)
Resistance - 2884
Volume - 0.6x
Candle - Engulfing

STI had broken the downward channel pattern, 20D MA, forming a new Higher HIGH and  trading above the 2717 resistance. If STI breaks above the 50D MA, it represents that it will be trading into Side Trending. Another important bullish signal to watch. Recently, TA movement of STI shows that it is in bullish mode, no room for shortist.

At the moment, I am taking more LONG position than Short due to signal change.

From last week update, I mentioned that STI weekly signal is bullish with hammer candle whereas the Daily Chart shows Bearish. This week candle movement is bullish, aligned with daily candle. What is interesting to note is that the upward movement of candle is bearish and volume is cautious. 

Is it a "dead cat bound"? 

- From the 14D Volume MA and 50D MA, it is in moderate stable volume. So this upside momentum might persist for a while.