The benchmark index STI continues to scale new highs as it broke above the 3000 psychological level.  The uptrend is intact for the STI as it continues to trade above its 20 and 50-day moving averages. Currently, the STI is not showing any signs of exhaustion. In addition, the MACD trend indicator continues to trend upwards above its centerline that confirms the presence of a bullish trend. The Stochastic oscillator has a bullish crossover signal which suggests that upside momentum is building up. Given such positive configurations, the STI may be poised for a further rally towards the next resistance at 3085 and a break above it may see it surging towards the next target at 3215. However, a violation below the immediate support at 2950 may negate the bullish tone to see a correction towards the next support at 2878.