Hello from very cooling Sunday, where a weekend is sluggishly rolling to an end.
Before I move on to discuss the markets, let me send my best wishes for the Hindu friends “Wishing you a joyous Deepavali” which is on 10th Nov, Tuesday.
Turning to the markets, STI has been experiencing a corrective move since the highs made on 26th Oct 2015 at 3,104 level. Will the market bounce back or will it deflate?
Let’s take a look at the charts…
STI Open:2,976.72
STI High: 3,043.85
STI Low: 2,948.42
STI Close: 3,010.47
Price Change: +12.12
Percentage Change: +0.4%
We have a weak uptrend in place but the trend is holding the critical support levels thus far. Until we see a larger number of down changes (STI blue chips) and weekly Chart MACD histogram tick down compare to previous week, the uptrend is intact although a shallow trend it is.
I continue to be cautiously bullish since I am a trend trader. The trend is up but the bull’s eye is narrow.
I’ll be at the screen all week and will trade one or more of them if the stock move down to trigger my short signal, but my main focus will be on monitoring the market for a potential bearish signal.
In fact, I have closed my long positions and opened 2 short positions (Wilmar Intl & First Resources), both are making profits.
Trader advise:
If you plan to go hunting and own a gun equally suitable for shooting bulls or bears, it would make sense to plan ahead, which animals to look for. That’s what I like to do on weekends.
Best wishes for the week ahead,
Divergence Trader
The post Bear Growling On The Sidelines – Weekly Review For 9th Nov 2015 appeared first on Divergence Trader.
Created by Francis Chua | Dec 28, 2015
Created by Francis Chua | Oct 12, 2015
Created by Francis Chua | Sep 13, 2015