STI may reverse 60points from 2952… meaning may see 2890 first
Posted by admin in Futures Pick, Market Analysis, Stock PickGood Morning,
With the revised GDP expectation, yes, I must say Singapore is going to be a real FINE place for investment and things may truely turn rosier by September-October. Overall, I am bullish in the stock market in the long haul esp Singapore market BUT I am not recommending for a buy since 2days ago as I think we are a little stretching it especially with the strong opening but weak closing for the market while the Dow ekes out 7th consecutive gain especially with the Bank skidding.
This is a combo signal to warn traders that one should be very careful trading the market today, especially if you are on the long side of the market. Many a time, at this stage, I know its very hard for traders not to be involved in the market especially when they seem to missed the run, staring 2 weeks ago and felt obligated to enter into the market at all cost (opportunity cost in their perspective) but usually they may catch the last few puffs of the cigarette butts but if they fail to know when to stop… then there is a good chance they inhale the toxic at the last part instead…
The STI closed at 2952 yesterday and if my forecast is correct then I am looking at the Index to reverse at least 60points to hit 2890 first within this 1-2weeks. This will definitely give many traders a scare and cut loss towards that level. And thats where I will be waiting while I start my shorting from here. I have been encouraging traders to take on the short position while the market is filled with prices for us to select.
Yes, we did suffer some minor cut loss but the ROC (rate of change) proved that the turn is just around the corner. So while we wait, we know sooner or later, we will get what we what later. (Just re-collect when I called for a 1000points reversal on the HK when everyone is calling for a buy on the 21st of June ( the day the HK ramped up 571points in a single day). The market stood sideway for 5 trading days before collapsing down more than 1300pts.
Today I am calling for SELL once again. I am looking to short the Banks and Crude Oil stocks.
Have a great trading day ahead.
Disclaimer applied
Kelvin Han
V3Go System Originator
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