Wednesday, August 16, 2006

Traders caught offside!

If Singapore has to have a unique personality to market our identity as a global city, we are kiasu! Nikkei and Hang Seng close at highs. We??? Many traders and investors sold down many stocks towards closing prefering to be wary of how the US market will react to CPI tonight. Very very kiasu!!! Like that how to have global market??? lol :D

Anyhow, on a more serious note, it is never a good idea to see long upper shadows and we have a plenty accross the board! I do hope all those who sold today to feel the regrets and pain as the stocks resume their uptrend!!! hahaha The truth is, many people were caught by the reversal in mood and stuck at the highs. This is also termed as offside in my blog. So if the stock doesn't move back up the levels again, we might have margin calls and contra selling pushing prices down next few days.

I got into UTAC today. Let us view the weekly chart and daily chart to decipher what is going on here.

UTAC on the daily chart: I didn't like the high volume shooting star candle today. Stock has broken downtrend. I bought UTAC at 0.715 after it broke the near term resistance. Things were rosy as it rose steadily to 0.735 and I thought i bought at the exact moment!!! ended with a fart....

UTAC on the weekly chart: Hammer was formed last week and i anticipate a white candle by this friday.

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