STI has closed at 3,420, in line with my view that STI’s chart continues to be bullish (refer to my technical write-up on STI HERE), despite the elevated RSI.
Based on yesterday’s close, Nasdaq clocked a 63rd record close for 2017 and overtook the previous 62 record closes for 1980! S&P500, Nasdaq and Dow registered their 25th record close for 2017 simultaneously, matching the record established in 1995.
Straits Times Index (STI) has closed at 3,386, a fresh 29-month high on 27 October 2017. Some of you who have been less than 30 percent invested in your portfolios and have not added more exposure in their equities portfolio last month are wondering whether you have missed out on the rally. Should you continue to chase this?
Sapphire Corporation (Sapphire) surged 11.5 percent to touch an intraday high of $0.340 on the morning of 20 October upon an announcement posted on SGX during the night of 19 October. It closed $0.01 higher at $0.315.
In my technical write-up on GSS Energy (GSS) dated 14 September 2017 (click HERE), I highlighted the possibility that GSS may be on the verge of forming a potential inverse head and shoulder formation.
Hatten Land (Hatten) has been trading in a tight range $0.192 to 0.210 for the past two months. Recently, there seems to be a pick up in the volume traded for the past two days.
Since my write-up on GSS Energy (“GSS”) dated 18 August 2017 (see HERE), GSS’ share price has jumped 12 percent from $0.137 on 18 August 2017 to close at $0.152 on 13 September 2017. Based on my personal chart observation, it seems likely to be in the midst of forming a potential bullish inverse head and shoulder formation.
Our STI has broken a one-month trading range of around 3,288 – 3,348. Where will STI and the other indices go from here?
Since my write-up on GSS Energy (GSS) dated 28 November 2016 (see HERE), GSS’ share price has surged 154 percent from $0.078 on 28 November 2016 to an intraday high of $0.198 on 29 March 2017. It has subsequently dived 31 percent to close $0.137 on 18 August 2017.
Pursuant to my previous write-up on 23 May 2017 (click HERE for the earlier write-up) citing the oversold nature on Hatten Land's (Hatten) chart, Hatten has surged 20.2 percent from $0.183 on 23 May 2017 to close $0.220 on 10 July 2017.