Chart Source: Poemsview 9th July 2018
It has been a rather tough month for our Singapore stock market as we were hit by the trade wars and took another blow on friday as the government released a new set of property cooling measures.
Needless to say, our market slammed down on Friday becoming the worst performing index in the region. Every bounce during the past few weeks seems to be met with resistance which our index cannot break through and eventually breaking support to continue its downwards slide.
Is the selling over? We covered our shorts back in June and were waiting patiently waiting for a rebound which hardly came and took on some new shorts like China Sunsine which gave us good results.
Our game plan is easy.
- We’ll only look for long opportunities if STI manages to at least stay above the 10ma. Ever since STI came down it has never broken above the 10ma
- The short term downtrend line and the 10ma are very close. We’ll also continue to watch them.
- If STI fails to hold 3190 level then the next level it might take us to might be 3115 region.
Remember to have a game plan which include a stop loss! In times like these it’s also important to preserve your capital and wait for a clearer picture before making a move.
Don’t be too anxious about catching the rebound at the exact lowest point, its fine to catch it at a little higher with a bit more confirmation.
Need an extra pair of eyes or a someone to guide you during market hours especially during such times?
We’re just a call/whatsapp/email away.
Be A CLIENT OF OUR TOP TIER REMISIER KELWIN&ROY and trade with confidence with them.