I'm Brandon, a senior stockbroker at a local securities firm and also a professional trainer with Singapore Exchange (SGX) Academy. Holder of Chartered Market Technician (CMT) and Certified Financial Technician (CFTe) with over 10 years experience in the financial industry.
This blog aims to share how private traders can forecast price and trade in line with the market and smart money by applying Wyckoff principles and simple technical analysis techniques.
Monday, 9 January 2017
The Index continues its rally since coming into 2017, with intraday high at 2,986. However, a closer look shows some signs of exhaustion.
Technical Observation:STI will likely to trade in a sideway momentum in the up coming 2 weeks, in view of the positive price action with light volume trading. The forecast sideway trading action also coincides with the eventful January calendar ranging from earnings announcement, economic data to important US speeches. Thus, traders or investors can consider profit taking near 2,980–3,000 zone and accumulate near 2,900–2,920 zone.
Alternative direction will see STI moves towards 3,050–3,060 zone on light trading volume.