Downtrend channel on STI

With some sharing from Milamberz in CNA Market Talk Forum, I managed to identify some possible downtrend channels, and charted them in the chart below.



Ok, zooming in on the targeted part.



It appears to me that STI could have just broken another of the down channel resistance, and the line has become a resistance turned support line. To make things more interesting, it appears that the 5 day EMA has come to support STI.

Monday would be interesting as it is the cross of 2 support lines, possibly forming a strong support at 2635 for STI should it comes down.

First resistance at 2673 followed by the long awaited 2684.



In addition, I have learned basic pivot point analysis from the net recently. From what I have read, the pivot point for the next trading day is calculated by taking the average of the close, day high and day low of the previous trading day.

The official calculations for Monday are
Pivot: 2651

R1	2667.357		S1	2643.137
R2	2675.513		S2	2627.073
R3	2691.577		S3	2618.917

Comparing with my chart and coupled with the pivot calculations, 2635 ~ 2643 could signify good support. 2673~2675 signifies good resistance.

It would be interesting to see if STI can break past and defy my so far basic TA logic.

In short, expected trading range for STI on Monday: 2635 ~ 2673