Week Ahead (29 October to 1st November)
- US S&P 500 and DJI finished Green at the end of the trading week, signalling stability at the moment. Monday Shares to likely open with a small green gap.
- STI heading towards 3222, Banks likely to follow suit and surge when financial report reports positive growth.
Short term outlook (Using Weekly Chart)
- Rallying until STI hits 3222 (Updated)
- 9 Days Moving Average currently at $10.76 (Updated)
- Heading towards $11.00 for small profits (Consistent)
24 weeks outlook (Weekly Chart)
- Price ranging around $10.60 to 11.17 to $11.40 (Fibo Resistance) to 11.743 (100%)
- Supported by major horizontal support line of $10.40.
- Trade truce between US and China (Suspend October tariffs)
- US Democrats might be hurting relations with China due to dispute over Hong Kong situation
- China has warned that if they interfere with a law in place to review HK annually, relationship will be adversely affected
- Decent Dividend yields of around 3.8% at $10.68 per share.
Similar to last week’s analysis, support holding well and there is little chance for the two support at $10.6 and $10.4 to give way. Do enter as near to $10.6 as possible.
Author’s Call (Compared to 23 October)
- Enter with Caution in near term at around $10.75
- Exit with small profit targets when STI hits 3222 Fibo Resistance
- Enter for longer term only after recovery above $11.40 (updated)
- Long term Uptrend intact (Support is still holding well)
- Strong support at $10.4 (NAV = 1.056)
- 3rd Quarter report release on 5th November (Will update again)
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