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.
Wednesday, 14 August 2019
SSE to Retest Range Support
Shanghai Composite (SSE)
Despite US President Donald Trump tweeted that tariff will be delayed on some imports from China until 15 December, Shanghai Composite's rally was resisted by its support-turned-resistance level at 2,830.
As index is unable to clear its overhead resistance, we have a short-term bearish bias on SSE, expecting the index to trade within range and retesting its support at 2,735.
The downtrend line (Red Line) is key trend line to break if price is to resume its uptrend.