Chart Source: Poemsview 18th Oct 2018
SGX recently announced some market statistics for Sept 2018 which didn’t look too good for the exchange and it started fall. Market volume was generally down which meant that the exchange might have lower revenue. Coupled with the drop in Dow Jones, that made SGX fall quite a fair bit from $7.25 to $6.81. Read about the market statistics HERE .
Currently SGX seems to be in a consolidation with the support at $6.81 and the resistance at $6.95. A break above $6.95 might see it moving to cover the gap till $7.01 and if market sentiments improve it might take us to $7.05.
A pullback from here to $6.81 might present a chance for entry but if $6.81 breaks and market turn then this trade wouldn’t be valid for us.
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