My earlier chart is now updated with certain channels and trendlines that were observed.
I can't identify any long downtrend channel yet...... the only one I can identify has already been broken.... So I shall concentrate more on the short term...
My revised target between 2684 to 2709. There, we can see a multitude of resistances. It would not be easy to break through this thick wall, but if it does, we can expect to see STI cheong to my second resistance line (green line) to reach the 28xx~29xx region.
For the short term, I don't expect this to happen. The defences set up by bears at 268x region are plentiful. RSI has reached 90% and stochastics have touched, possibly crossing downwards soon.
Let's see how it goes for STI.
In addition, I have sold China HongXing at 20.5 cents, admittedly a little on panic. STI has risen 403 points from 8th Jul to 28th Jul in just a span of 15 days!!! The rise is just too irrational for me... However, I bought into Hor Kew, a laggard construction stock, at 12.5 cents for a little punt.
As Warren Buffet says, be greedy when everyone is fearful. Be fearful when everyone is greedy.
Yet, another cliche goes that trade the trend until it breaks.
The uptrend hasn't been broken yet, but I'm extremely fearful now. Shall slowly unload Fuxing and Hor Kew whenever the opportunity arises to do so.
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