You’ll notice recently some buy signals from the STI component counters, many will resemble the STI, approaching a longer term resistance.
I would not try to load up too many at this point because it is still unclear if STI can break through resistance and continue, but it’s good to have a bit of exposure.
We will have opportunity to add more as things get clearer.
Things are getting pretty interesting overall.
Seeing a few counters doing retests of previous support/resistance, if those hold, can prepare to get in them if they pop up on the scans.
Let’s take a look at the few counters we have been tracking, and also one interesting result of our most recent scan, Sembcorp Industrial!
Seems to be stalling at this level, but the US markets just keep going higher.
The US markets could pull us up in the short term, however we are still at risk of falling into a recession here.
An inaccurate news report sent most casino counters tumbling, but recovered when the error was discovered and clarified.
Looks like it can continue its journey higher.
Does seem to be losing steam. 2nd arrow entry not triggered as well.
Taking a breather now. Resistance up ahead at 9.45, clearing that should give us 9.6
But be aware that if the STI falls off, likely OCBC, as a component counter, will be dropping as well.
It’s not moving as well as Sembcorp Industrial, a real test of patience to follow the system.
Fresh off the Friday scans!
Looks to be stronger than its sister counter Sembcorp Marine.
2nd Valid signal and looking good.
The bullish impulse is strong and overall move is more trendy with few overlapping candles.
This 2nd signal occurs right into a resistance level, but the momentum is strong so it looks like it will clear this level.
Still taking a breather as well, as are taking a break near a resistance level, which was previously a support.
Doing a retracement, it is up against a longer term resistance area afterall.
Short triggered, 5 days after the signal, so it’s a bit hard to say if you will want to be on this trade.
I believe it will be a good hedge in case STI falls off, but we will see.
Good Trading Folks!