Oceanus

Abalone is in season today with a technical buy signal formed. On closer look however, if assuming a bottom of 21.5 and a high of 37.5c we get 3 targets. 41.5c, 45.5c and ultimately 47.5c.  At entry level of 43c the risk reward for me is not as good but still worth a play on a buy signal. If violated, a cut at a crack below 40c would be a good idea.

Many counters have been retracing despite the STI heading upwards. Take SIA for example, closing at support today  with 20MA as a resistance. If 14.60 is recaptured a buy signal will be formed.  It does appear we do have some meat left for retracement yet buy signals can be triggered anytime to prop the prices a little higher. Watch for Ascendas Reit which formed a little bullish reversal hammer today. A close above 2.05 could be good for upside while a crack below 2 should see 1.95 support come into play. The risk for the upside is that the market is overbought, however bear in mind that in a strong bull trend, markets and counters can stay overbought for quite a while. The reverse is true for a bear market.