Singapore Stock Market News
Straits Times Index - Breakout caution required
StockFanatic
Publish date: Wed, 01 Feb 2012, 10:40 AM
StockFanatic
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The Straits Times Index has moved above the upper edge of the rounding top pattern. This is a strong rebound from the support area near 2700. It's a rebound behavior that is seen in other markets and it signals the potential for a solid rally. It is too early to know if this is the beginning of a significant trend change. The fast rallies continue to provide great opportunities for fast traders.
The intraday market volatility is high. We take a cautious approach for case study purposes at this time. This means tight stop loss conditions.
The key conclusions:
1) Up trends become very unreliable
2) Trend breakouts collapse quickly when they fail
3) Volume backed rallies fail quickly
4) Average profit targets are small, around 10% to 15%
5) Momentum is king
Source : Daryl Guppy
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