STI - Moving up or down?

STI has closed at 1852 on 24 Apr 09. Currently, it is resisted by the top channel line at around 1942 and supported at 1843.

STI is break below the steep bottom trend line on 22 Apr 09 which signalled a potential changed of trend. As it is currently support by at 1843, base on the SGI high powered setups, we may see a short term (within coming few trading days) upward movement towards the top channel line if STI closed above 1863 on Monday. If the resistance at 1942 is broken, next resistance will be at around 1960 follow by 2000.

If support at 1843 is broken, next support will be at around 1820, 1800 and 1750.

But in slightly a longer term (by end of the week or within next few weeks), we may see a potential downward movement. If STI closed below 1828 by the end of the week or next few weeks, we may see the support at 1800 being challenged as well.