Broadly the market is still in an uptrend, so don’t let today’s drop of 33 points scare you.

Keep the big picture in mind and note the important levels to observe.

It’s normal for the market to keep trying to confuse us, so we need to learn to hold on to our heads and see through the noise.

Click here to see my way of looking through the market haze.

STI

The market’s doing a retracement at the moment.

Previous resistance of the consolidation was around the 3250-3270 level, so a test of that area will give us a better idea if the bulls are still in control.

Markets will confuse you.

OCBC

Be patient and follow system.

We had a bit of a parabolic move, so it’s not surprising to see this drop back down.

Also the STI dropped a fair bit today, which explains OCBC’s drop as well.

We’re taken good profit on this counter already, so just follow system and ride this trend.

OCBC be patient and follow system

Wing Tai

We saw the consolidation hold above the 1.95 level, and it just took off.

The previous high was $2.14 and today’s high comes in at $2.12

Take some profit off, be patient and follow system with the rest of your position.

However, the close was only marginally above the consolidation highs.

We will get more clarity in the days ahead.

Be patient and follow system.

Wing Tai jumped today!

ComfortDelGro

Experiencing some reprieve since the STI has a pretty big drop today.

Keep a close watch and follow system.

Not the time to be greedy, so look to take some profits ard 2.15 and observe STI around 3250-70 for more clues.

Be patient and follow system.

ComfortDelGro Not the time to be greedy

Wilmar

Again not the time to be greedy.

Look to take profits near 3.20 and same as above, keep an eye on STI’s reaction around the 3250-70 area for more clues.

Be patient and follow system.

Wilmar observe the STI when prices are near 3.20

China Aviation

Be patient and follow system.

If we see a pullback, watch for reactions at 1.73 and 1.70

Resistances to watch above are the $1.90s, the $2.00 round number then the $2.20s.

China Aviation, be patient and follow system

Gaining clarity on the market, enough to stand firm in your analysis, is not difficult.

All you need is GPS and an understanding of some market principles.

Click here to find out more.

The post 20th July Market Update: Markets Will Confuse You! appeared first on The Systematic Trader | Trading Courses | Collin Seow.