The benchmark STI managed to shrug off the fears caused by the recent Dubai’s debt crisis. The uptrend for STI remains intact as it continues to trade above its 20 and 50-day moving averages.  An interesting observation to note is the possibility of a bullish crossover in the Stochastic oscillator which suggests that upside momentum may be building up in the near term. Given such positive configuration, STI may see a possible rally towards its classical resistance at 2840. A break above it may trigger a further upside push towards the next key classical resistance at 2997 which corresponds closely to the 61.8% Fibonacci retracement from its all-time high of 3906 to its March 2009 low of 1455. However a violation below its immediate support at 2729 may put the bullish tone on hold as the STI may see a sell-off to test the next gap support at 2657.