The markets might get choppy in the coming period.
Do be mindful of your positions.
This is also a great opportunity to constantly scan the counters for opportunities.
You will learn the distinctions between the good setups you should take and the ones you shouldn’t.
If you want to learn a systematic process of identifying the best setups from the not-so-good ones,
Still doing the retracement. Be patient and watch for the test of 3250-70 region.
Also in the retracement, waiting on STI to make its move.
Wing Tai tends to move in spurts, so it’s pausing here a while before likely moving higher.
It’s slowly moving lower but we are not out of the woods yet.
Pay attention and watch what happens if STI hits the 3250-70 or if $2.37 breaks.
Wilmar is moving lower as well.
But watch for the $3 mark, things might start getting stuck around $3.10 area
We are seeing price reacting of the area around $1.65
If you’re not in it already, watch for the next buy signal.
Still waiting for a signal from Genting.
Be patient and follow system
Olam posted a nearly 29% rise in their quarterly financial report yesterday.
You can read up on it in this post here.
As well as declaring a dividend of $0.035 per share
And it has also come up on our scans!
But is it a good setup?
- It’s breaking out from a consolidation area.
- It’s breaking out on low volume.
- The counter has been in a wide consolidation for the past year.
Based on the technicals, we are not inclined to take any position on this pair due to the lack of trend as well as low volume despite a very good financial report.
Given time, this counter may head higher, but as it is now, the clues are not in favour for a long trade.
If you’d like to have a clear and simple view of the market to act upon,
Good trading folks!