On 11.23.13, In Trading Diary, by Strongerhead
Just a follow up from my Singapore homework post on 11 Nov.
After the initial short term squeeze play, prices went up but backed down into the squeeze zone again. This might indicate the squeeze play is still in continuation, with a life span of a few more weeks.
Right now, UOB is in no man’s land. But considering ‘cheap’ as it is sitting at bottom of squeeze zone (as indicated by the triangular box). But the range is getting tighter, thus profit target is narrower too until the squeeze is over for the big movement to appear. It can go either up or down.
Base on price action, the bears are roaring. Base on fundamental, what the market is doing (moving upwards), the bulls are cheering. Whichever side you are on, have your seat belt on.
