After facing a horrendous decline of 9% within 2 weeks in early January 2010, the benchmark STI has started to reverse its “wind” direction in a rapid fashion. It is showing  signs of uptrend revival as it has started to display a series of higher highs and higher lows and trades above the 20, 50 and 100-day moving averages. The MACD trend indicator continues to trend upwards above its centerline which supports the on-going bullish condition for the STI. However the RSI oscillator is now hovering above the 70% overbought region, thus the STI may face the risk of a short-term pull-back before resuming its climb northwards. The rising window gap support of 2820-2792 may contain any potential pull-backs for now. The immediate resistance to look out for will be at 2947 and a break above it may open up scope for a further rally towards the next resistance cum psychological level of 3000. A violation below the lower rising window gap support of 2792 may damage the bullish tone to see a correction towards the next support at 2727.