Chart Source: Poemsview 14th March 2019
SGX or Singapore Exchange as some may call it took a heavy beating over the past week down 10% since the high of $8.05.
News came out that the Hong Kong stock exchange would start trading derivatives contracts based on Chinese-listed shares pose a new competitive threat to SGX.
Since then SGX gave up 2 months worth of gains in just 5 trading days!
Now is the selling over? Is the selling overdone? Is a rebound in sight? Here are a few things we’re looking out for
- For support to hold at$7.20 if not the next level at $7.10 area.
- For the volume to start decreasing might mean that selling is slowing down.
- For the candlestick to be smaller and not such a long range.
- For SGX to regain its hold on the 200ma and even the uptrend line which it has broken down from
Keeping a close eye on SGX for the next few days.
Is SGX on your watchlist?
What’s your trade plan for SGX like?
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