Chart Source: Poemsview 11th June 2019
Straits Times Index saw a nice rebound over the week up over 80 points since we mentioned last Wednesday .
It has hit our first rebound target of the 200sma as mentioned in our previous post
What’s our next resistance? We’re putting it at the 200ema which is around 3227. Hitting there might see some resistance and abit of consolidation might take place. A good pullback might present an opportunity to scale into the market.
Most blue chips counters like Capitaland, UOL, CityDev have seen a nice run up on expectation of rate cuts which could benefit property stocks as their cost of borrowing goes down. Bank stocks hasn’t ran as much but nonetheless shown some good rebound.
Oil stocks has also staged some rebound and hoping for some nice upswing.
We’ll be conducting a workshop very soon on the lessons learnt from this trade war and how to use one simple indicator to help improve your analysis.
Keep a lookout for it.