Straits Times Index (STI) [1-3 weeks view] ++
Long with good conviction (++)
Buy on dips above 3020
Stop Loss: 2960
Take Profit: 3350
Weekly
Price reacted above 2960.
RSI also reacted above support where in the past price has bounced before.
RSI also surpassed descending channel resistance.
Daily
Price and RSI shows a weak bullish divergence
RSI also testing 50% level.
2960.00 is the key support level to hold. It has also been found as a fractal level multiple times.
If market were to break below, we would see a much deeper drop towards the 2522 region.
A drop towards the 2522 region is set to put Singapore's market in a recession.
Overall a good conviction trade due to indicator breakout and price reacting on key support level. Risk/reward ratio is beautiful too!
Cheers.
Buy on dips above 3020
Stop Loss: 2960
Take Profit: 3350
Weekly
Price reacted above 2960.
RSI also reacted above support where in the past price has bounced before.
RSI also surpassed descending channel resistance.
Daily
Price and RSI shows a weak bullish divergence
RSI also testing 50% level.
2960.00 is the key support level to hold. It has also been found as a fractal level multiple times.
If market were to break below, we would see a much deeper drop towards the 2522 region.
A drop towards the 2522 region is set to put Singapore's market in a recession.
Overall a good conviction trade due to indicator breakout and price reacting on key support level. Risk/reward ratio is beautiful too!
Cheers.
Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.