Losers out numbered Gainers today. A tussle going on between bull and bear. Come to think of it, our market has moved into 2200 range in the month of June. Time for consolidation? Or perhaps retracement? From the weekly STI chart, looks likely the rally upwards is losing strength based on a lower MacD top as compared to the previous MacD top. This is known as bearish divergence. As for Sesdaq weekly chart, it seems like the worse is over for our small cap companies. A bullish divergence from the MacD is observed where a higher bottom on the MacD is formed while Sesdaq reach a new low. This is by no means a 100% prediction into the future. Trading is a game of probability. Based on history, certain charts has a high probablity of repeating history. Hence this is what us, chartist based on...probability.
Nothing was generated from my system today. I decided to screen the counters thouroughly for very good risk/reward ratio entry points. Otherwise no point losing money for nothing. I might as well bet red or black on the roulette table. The odds is better! hahaha
MFS had looked promising, but the close today has triggered my cut loss and thus make it a no-buy.
Choppy times is here, let's trade with care! If there is any charts you would like to see or hear from, drop me a note, I would gladly post it here. I am not showing off my charting ability as clearly i'm still not an expert. I yearned for the chance to discuss charts with the experts.
