STI has been trading in a up trend channel since late 2016. Momentum peaked as STI traded near resistance at 3,350-3,400, with MACD Indicator trades near previous high. What's significant this week is STI breaking below the support line. This provides technical reason that sellers are beginning to dominate the trading.
If the bearish momentum persist, STI is projected to trade towards 3,100-3,120 which is a previous resistance turned support zone and also the 38.20% Fibonacci retracement level.