Looking at the chart, the index needs to stay above 3130 which is the support line. This is also where the neckline resides. The index tried to break out of this neckline in early Apr but failed. It only managed to break this level after a pullback to 3035.
The index has moved from a low of 2745 on 17 Mar 08 to a high of 3181 on 7 Apr 08. Based on Fibonacci Retracement, the objective point for STI is at 3471.
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