In the previous review I said "weakness is persistent on the STI, unless and until seen a move above 1780-1785; the best case scenario is range trading between 1470-1785". Since then we had seen a down move towards 1638 and then a strong rebound almost there near to the upper end of the range.
Now what we required (for trend reversal) is a continuation of the up move above 1754 i,e, yesterday's high, towards the upper end of the range(1780-1785); if failed to hold 1754 then expect shallow down move towards 1650 (max), as the bulls have shown fairly good commitment in the recent past, near 1600 levels. 
On the monthly close charts, the STI is still holding the long term crucial support (trend) lines indicating a seriousness of the support (as far as long term scenario is concern). Overall, the index is showing arresting tendency on every down move, i.e. reduction in the bearish power, which is a sign of strength for the long term bulls, as well as subsiding the 'fear' of fresh impulsive down move, read 'crash'.
On the monthly close charts, the STI is still holding the long term crucial support (trend) lines indicating a seriousness of the support (as far as long term scenario is concern). Overall, the index is showing arresting tendency on every down move, i.e. reduction in the bearish power, which is a sign of strength for the long term bulls, as well as subsiding the 'fear' of fresh impulsive down move, read 'crash'.
