STI (technical)

STI: the index has rebounded back into the 3,027 - 3,113 trading range, and the RSI surfacing from oversold territory indicates that very near term momentum has turned slighly more positive. Nevertheless, the charts reflect volatile times currently, and the medium term outlook continues to be subdued (declining 20day and 50 day MA, tapering 200day MA). Traders should stay cautious, and stay alert for any dip back below the trading band, which would be a signal for more weakness to come.