The “sell in May and go away” effect, comes a little late this year, but recently the market has triggered us to take profits on many of our long positions.

So now we’re looking for more opportunities to expand our portfolio of counters, a few shorts to balance things out.

If the STI holds or breaks down, we should be able to profit from these positions.

Take note that the latest scans show a lot of reits at the top of our results, that’s mainly because of a sentiment play, after Blackstone offered $1.17 per share for Croesus Retail Trust.

Do be mindful that in general, reits don’t make good trading candidates.

You can read the Croesus REIT story here.

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STI

Still trapped inside the range, don’t be fooled by seemingly strong candles in the middle of the ranges.

They’re just going from support to resistance within the range.

Based on this alone, it would be too early to say it indicates strength to move beyond the range.

STI going from support to resistance

OCBC

Broke highs and now doing a retest of the $10.70 area, which previously held price down in the consolidation phase.

Be patient and follow system.

OCBC be patient and follow system.

TSM

Exit signals triggered!

So you should be out around $34.70, good ride from around $32.90

With conservative average exit price of $36, that’s a solid 9.4% return.

If we find support around this $34.50 area, we can take the next round of signals.

TSM great trade with a solid 9+% return!

Wing Tai

Be patient and follow system.

Wing Tai, be patient and follow system

ComfortDelGro

We have our first entry signal, beware that the move is a little bit overextended at the moment so we can expect a slight retracement back up.

Minor levels around $2.23 and $2.15 but $2.00 is where we want to watch for any major reaction.

Be patient and follow system.

ComfortDelGro, be patient and follow system.

Capitaland

There is a short signal for Capitaland, waiting for the trigger.

Be patient and follow system.

Next levels to watch where buyers may come in are around $3.43 and $3.25

Capitaland be patient and follow system.

Wilmar

This is another counter I’d like to add to our portfolio on the short side.

The market has broken down quite aggressively.

Be aware that there is a potential level where buyers could step in around $3.20 and $3.00

Wilmar has broken down quite aggressively

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Good trading folks!

The post Market Update 3rd July: Croesus Gets An Offer for $1.17 appeared first on The Systematic Trader | Trading Courses | Collin Seow.