STI have been going up and for consecutive 5 trading days. Let's look at STI and OCBC TA and see we are now,
OCBC
◆ MA 200 is at $9.1 and current price $8.8.
◆ high volume ard $8.9 to $9. Likely break $9, and those stuck at $9 will sell. Seems like the high volume range is distribution.
◆ MACD above 0, uptrend still intact.
◆ RSI 73
◆ K is > 90
◆ MA 20 likely to cross MA 50 upward
STI
◆ MA 200 is 3000 and currently at 2825
◆ high volume at 2900.
◆ RSI 69
◆ MACD above 0, uptrend still intact
◆ K is 96
◆ MA 20 likely to cross MA 50 upward
◆ broke lower low trend line.
My view:
STI and blue chips are likely to continue to go up. Resistant at 2900, very high chance it will cross 2900 points.
I have sold 100 shares OCBC at $8.5 bought at $8.72 although sold at lost but I dont think this rebound can continue very long. I want to accumulate cash now.
Will only buy STI ETF if break new low. If price for OCBC break $9.4, I will sell all OCBC at $500 lost as I believe it is possible to buy back at $4 in future. Although for long term investment we shouldnt care about price fluctuation, but right now I believe we are at the verge of crisis (I am not an god, I dont know when a crisis is coming). As many people would always say "cash is king".
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