SIA Stock code C6L.SGX
Outlook
Price reached a high of $9.78 on 16th Jan 2019, forming a Doji candlestick pattern. This was followed by a black candlestick the next day. Price has also moved inside and closed inside the Bollinger Band, indicating the rally could be over and price is either consolidating or heading for a decline. While RSI is still bullish, the histogram bars are getting smaller and MACD line is moving down. Overhead resistance is nearby and strong. For three times in the past, $9.80-9.82 have capped price rally, inducing a decline soon after. Resistance at $9.82 could provoke a reversal in price back to $9.40 this time round.
Strategy
$9.70 Short Sell
$9.40 Price Target
$9.95 Risk Management Stop
2 weeks Trade Duration
CityDEV Stock code C09.SGX
Outlook
Price reached a high of $8.95 on 11th Jan, which was also a previous high. The next day, a bearish Engulfing candlestick pattern was formed and price had stayed within this big black candlestick range for the next 3 days. Price has also moved inside the Bollinger Band, hinting of an end to the rally that started on 4th Jan 2019. A price move below $8.70 is likely to accelerate the price decline. On the topside, a strong resistance (old price high) lies at $9.17, which is likely to cap price advance. MACD has turned down although it is still bullish.
Strategy
$8.80 Short Sell
$8.20 Price Target
$9.18 Risk Management Stop
2 weeks Trade Duration
