As long as STI can maintain above 2747 today
The market might be challenging 2780s by early next week.
BUT allow me to advice this
This market been going for many days and the indicators of ours are having some negative divergence indication therefore,
i. if you yet not enter the market and want to buy, today might be the last day to enter as next week might see some selling
ii. if you bought and holding, then enjoy the ride today… as long as the SIMSCI is above OP, you are safe
iii. if you bought and today is contra due… then you can choose to roll over your position as long as it shows potential upside (dun bluff yourself if your counter got no hope of doing that)
iii. if you want to short… forget it for today… because of yestterday’s pullback, many people(retails) will be shorting today and they will suffer shall the market fail to correct by 2pm today. So dun fall into the trap.
iv. if you are already in short position… know your position and stop loss levels… dun fight the market… i know most counters are at high levels and looked poised to short BUT rem, indicators follow price actions… they dun know how to see bear turn bull… so because of the last few months is bearish momentum therefore once a market rally, most indicators will shoot up very fast and creating a sell signal instead.
yes during the transition period, it will still work BUT once this period is over, your indicators will likely be stuck at the top range and you will be wondering how come the market dun go down when your indicators are at the top… and if you keep shorting… you will realised that
your price action is UP 3 steps, down 1 step feeling and forever you are not making from the short side…
So savvy traders, kindly take note of this… if not you will probably miss a big run…
Cheers!