Weekend Debrief

Apologies for not doing an audio this weekend. Been busy being out and stuff.

I will do an audio to share something on what I observed on the STI. Just an observation but if it comes into fruition it will be very interesting indeed.

First up, the DJIA. Closed with a black hammer for the week. Reversal on the upside perhaps coming up? Friday’s close was supported by 50MA but closed at the 200MA resistance. Volume still very light.

On the STI, 2320 recaptured, but remained as resistance for the week. As mentioned in previous recording, a break above this should see 2420 coming and a possible continuation of the up move. Support at 2280 and a bounce off this level at 23.6% fibonacci is bullish. Failure to close above could see the previous fibonacci supports being re-tested. If neither breaks then we could ding-dong sideways for quite a few sessions till volume kicks in. The mid term bias, does appear to be for the upside.

Counters wise, Olam had a break out with nice volume. I will be watching this tomorrow for a possible entry.

Hope everyone had a great weekend. I will talk to u soon!