This week the 3250 holds STI captive still.
However, there is another market which no price has managed to hold yet.
Back in July 2016, after Brexit, we noted in a blog post a massive inverted head and shoulders pattern on the FTSE100.
You can view the post here, where we state the target of 7350.
Take a look at where it is now.
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In the short term, the mood seems to have changed for the STI.
We are held by the 3250 area for now.
By now it should be a small portion of your original position.
So you can let go or follow the trailing stop.
As usual, there’s always a twist to a good story that everyone already knows.
The Financial Times released a report that there was a bidder led by a GLP insider, which made it pointless for external bids.
The article can be found if you google:
Private equity players turn their back on GLP’s landmark asset sale
By all accounts, we should exit this position already.
This also highlights the importance of taking profits, with the majority of position out near 2.90, we are still near by.
With a good profit buffer, you can continue to hold and see where this counter is going.
But as of this moment, the news is making this counter too speculative, we can call this trade to a close.
Great trade since triggered entry at $2.23!
OCBC follows the STI fairly closely.
Found support around the 10.50 level, looks good as long as that level holds.
Last line of defense is around $10.20 to lock in profits.
Otherwise, just sit tight and follow system.
We’re back at testing the previous high at $36.90
If you’ve managed not to take any profit along the way, now is a good time to consider taking some.
Be patient and follow system.
As mentioned in the previous post, we should be taking some profit here into the $1.00 level, likely you’d be out around $0.98
Trailing stop has triggered, so small profit from $0.95 but good trade!
Price can potentially find some support around the $0.95 area again.
Can watch for next signal.
Candles have turned read and are down at the $1.80-85 zone mentioned in previous post here, where it could find some buyers.
Let’s see if it finds any support around this area to give us a fresh round of signals.
Right now the reaction does not seem to be strong.
So that’s another 2 profitable trades done, great job everyone!
Building up a life skill is never easy, but with the right guidance, the journey can be shorter and smoother.
Good trading folks!