STI closes above 3000
Likely we have some legs to run a little further, 3050 and 3100 are in our sights.
It’s interesting to see the US markets dropping these few days while the STI is running higher and breaking a key level.
We could still see a retracement down to test 2950 as a support next.
We’re at $2.55 on the close, about 10% from our entry already.
Congratz to all who are riding this one.
You can read about the news regarding this counter here.
The ride is not over yet.
You would have gotten in just above $9.20 for the recent signal on 5th Jan.
Entry should be yesterday, or today if you were late, immediately we have a good push to 9.35 and the ride has just begun.
I understand the TIF wasn’t up for the signal on 5th Jan, but we got our arrow and the COM was turning above zero.
So taking this signal becomes a discretionary call with a smaller position size.
Since we have been watching OCBC because we wanted to buy after a bounce off support level, the arrow is backed by technicals, which gives us the conviction to take the trade.
We’re testing a previous swing high around $3.08, not yet closed above it, but it looks like we will.
STI closes above 3000, so shorts are not ideal anymore.
However, ThaiBev has been holding down while the STI has been rallying strongly.
ThaiBev is still under our entry level, so there is a little unrealized profit.
This is a sign of weakness for ThaiBev, so I am willing to hold the short and see if we get to break that $0.84 level.
We got rejected from the 10.20 resistance and it hasn’t been moving up even though the STI closes above 3000.
Overall not a good sign, rather weak, so make sure you know your trading plan.
Other things, follow system.
We are seeing the bounce from $0.88, however there still isn’t a signal.
So stay put and relax.
Overall we are on a couple of good winners with GLP and Sembcorp Ind.
Do keep an eye on venture just in case we break lower.
Meantime for the rest, follow your trading plan, follow the system.
Good trading folks!