Rebound! About time indeed. Nothing interesting. Some counters were testing its support turn resistance. StraitsAsia at 85c, CapitaLand at 1.95. I have not gone short (I still have 1/2 holdings in SA while I took profit on Cosco today). Nothing very interesting though.
Rebound target for STI is around 1580 which is its support turn resistance. DJIA between 6900-7070.
More analysis as the charts unfold. Looking for UOB at 9.50. SIA at 10.40. CapitaLand I am looking at around 2. Think 2.1 is a lil tough to get now. One interesting thing here is while Capitaland rebounded, CityDev died instead!
I am quite keen on going into all 3 banks next round too. DBS and OCBC totally got crushed, making entries tough.
Top of my mind is, will we have a wave 2 followed by a wave 3, or will be head sideways and ding dong up and down like we did. SIA is range bound and 9.70 was a twice tested support now. Let’s see how things go. I figured it would be a rebound week but it came a tad late though.
As always, trade safe!
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