From the chart, we can observe that there is very strong support in the S$1.00 to S$1.05 region. We are watching for price to crack this level, retest it as resistance and begin trending downward in the short term. This scenario is depicted with white arrows on the chart. Target is the S$0.90 to S$0.87 region.
Wilmar is in a similar situation as Genting. There is a divergence present and price has pushed downward to key support in the S$6.50 to S$6.47 region where we also have a trendline present. Price pushing below this region should indicate that there is a decent amount of selling coming in. Support is also present at the S$6.00 level.
We are anticipating potential shorting opportunities if price retests S$6.47 and S$6.00 as resistance after trading below them. Target region is S$5.20 to S$5.12 if the correction in global equities continues to unfold.
Hong Kong Hang Seng Index is now 20,882, resistance at 50DMA. It is expecting a pullback to 20,728 to covered gap.
Keppeland has been respecting the current trendline illustrated on the chart. It is currently on the 5th test of this trendline and Keppeland has formed an engulfing candle off it. This is the market signaling that buying pressure is picking up and had sufficient strength to push higher than the range of the past 2 days after trading below them.
From the chart, we can observe that there is very strong support in the S$1.00 to S$1.05 region. We are watching for price to crack this level, retest it as resistance and begin trending downward in the short term. This scenario is depicted with white arrows on the chart. Target is the S$0.90 to S$0.87 region.
Wilmar is in a similar situation as Genting. There is a divergence present and price has pushed downward to key support in the S$6.50 to S$6.47 region where we also have a trendline present. Price pushing below this region should indicate that there is a decent amount of selling coming in. Support is also present at the S$6.00 level.
China SSE Shanghai stock index A-Share is crawing back to 200DMA. So maybe it is too soon to call a bear market if China could held above 200DMA. Likewise for Hong Kong, the Hang Seng Index has a volatile trend ahead. Although trading could be choppy in the near term, led mainly by the volatile global market, its technical readings are showing sighs of improving.
