Technical rebound in process

STI which is the Straits Times Index rebounded indeed today. But i din expect to rebound so strongly. Technically, the last closing was a strong rebound as STI close at it's high with no upper shadow for it's candlestick. I still dun have the volume data for the STI chart from chartnexus so kinda getting frustrated but den they been doing a great job so far and anyway it's free so i can't complain much but to look for the trading volume from other sources myself.

Due to the 2 downside gaps near 3212 and 3352 formed a few days ago, i drew 2 horizontal lines at those levels as they are likely to form a resistance level. STI has already covered up the 1st downside gap at 3212 with an upside gap on it's latest closing. Current closing is near fibbonacci retracement of 50% so things to watch out for in the chart will be the testing of the level near 3352 and hopefully the 100d EMA.

A lot of counters in Singapore, like what i said in the previous post are positioning for a trend reversal and i already saw a lot of bullish divergence in the technical indicators in some of the counters that i am monitoring. But i will only enter if STI makes a higher high and a higher low. The previous high is now near the level of the 100d EMA so the testing of that level will be crucial.

Straits Times Index Chart: