Since hitting a high of $8.75 on 11^th September 2009, SGX had been trading in a downtrend, underperforming the benchmark STI. However, recent price actions suggest that SGX appears to be emerging from the “dark tunnel”. It has started to display a series of higher highs, higher lows and started to trade above its 20, 50 and 100-day moving averages. The MACD trend indicator continues to trend upwards which in turn supports the on-going bullish condition. The MFI oscillator, a momentum indicator that combines price actions and trading volume has beached above the 50% level, which suggests that upside momentum is building up. Given such rosy observations, SGX may see further upside to test the immediate resistance at $8.52 and a break above it may propel it towards the next target at $8.75. But a violation below the immediate support at $8.10 may negate the bullish tone to see a slide towards the next support at $7.87.