If you are a speculator, a 1-month rally is a big deal. For a long term investor with stock prospects making new 52-week lows, a 1-month rally is just a relief rally/retracement.
No sign of bullish reversal these three.
Straits Times Index weekly chart 2012 – present
- Straits Times Index made a steep recovery and is now back above 2015-low.
- This level has potential to be support.
- The index did not print any bullish reversal pattern and the current top can be characterised as ‘lower high’ and still part of a down trend.
- The index is still negative for the year.
DBS weekly chart 2012 – present
- DBS is an under-performer, lost more than Straits Times Index.
- Has not recovered low of previous 2 years.
- Did not print any bullish reversal pattern and the current top can be characterised as ‘lower high’ and still part of a down trend.
- Still negative for the year.
Sembmarine weekly chart 2012 – present
Clearly at loss for the year and in down trending mode. For those predicting recover in oil – yes there is some relief but whether it is a true reversal is suspect. Besides Sembmarine is not an oil producer; it has a different set of trouble (see here). It’s fortune is likely to improve only if there is reversal of fortune for Sete Brasil, if global rig count grows again leading to new contracts.
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
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