On 12 Jun, it gapped down to open at 2764, reached a day low of 2760, covering the gap imprinted on 11 Jun. More importantly, it closed at day high of 2797.08.
As shown on the chart below, it seems to touch the Median Line of downtrend Andrew's Pitchfork. A move above the Median Line may see further upside, with the possibility of reaching 50% retracement level of 2867, coinciding with the Upper bound of downtrend Andrew's Pitchfork. On the journey upwards, there will be the 38.2% retracement level of 2827 as possible resistance.
DBS Technical Analysis Comment dated 11 Jun 2012
STI - Current rebound can extend to 2825 or even 2860 before the decline to 2540
The €100bil Eurozone bailout of Spain’s beleaguered banking sector over the weekend ......
