I seldom share my analysis on Singapore market. Just wanted to demonstrate how Strongerhead set up can be used for trading homework to plan your course of actions.
STI weekly (as below) and daily chart (not shown here) are currently down. Prices broke out of its price envelop, which means prices are undervalue at the moment. This is a possible time to look for possible signal of rallies. As of last Friday, a rare tail has shown up. Usually, it is a signal that prices are going to move away from its tail. it has done so once in the last 2 years (as the rare tail seldom shows its tail).
I like to pick stocks that are in sync with the big brother (STI). Will be using UOB and OCBC as an example. UOB and OCBC is quite in sync with STI, both showing a long tail on last Friday closing. When market opens on Monday, 17 Jun, market might crumble as a result of the US last Friday bearish move. As long as prices does not start chewing off more than 50% of its tail, the signal stands. If it does, there’s some more room for bears to crush as marked by the lower priced horizontal red line (which is what i anticipated the price to be initially until i saw the tail. i still hope i am right).
Cheers
Strongerhead ways to becoming a better trader
NOTE: All information provided “as is” for informational purposes only, not intended for trading purposes or advice.
