Re-look

I’m back from the wake so I peered into STI more intensely.

The past few days saw down days with low volume, which could imply the end of wave 1. If this is true, and today is the beginning of wave 2, then here comes our wave 2 rebound. My personal ‘warning’ is, be careful if you go on the long side. Remember I said wave 2 is likely to be triggered by short covering. To continue with that, kan cheong spiders would be buying too but with us not out of the woods and with wave 3 looming behind, watch out. The higher the volume for wave 2 (not likely to be exceedingly high) and the bigger the rally.

DBS shows something interesting. Advice not to go in short yet. Interim resistance for STI is 1565 which is gap covering (current gap support). Possibly, 1580. Will evaluate for reversal signs along the way.

More info to come, tomorrow. I am tired… outta here for now. What a day. Good night all!