Long with good conviction (++)
Buy on dips above 3020
Stop Loss: 2960
Take Profit: 3350
Weekly
Price reacted above 2960.
RSI also reacted above support where in the past price has bounced before.
RSI also surpassed descending channel resistance.
Daily
Price and RSI shows a weak bullish divergence
RSI also testing 50% level.
2960.00 is the key support level to hold. It has also been found as a fractal level multiple times.
If market were to break below, we would see a much deeper drop towards the 2522 region.
A drop towards the 2522 region is set to put Singapore's market in a recession.
Overall a good conviction trade due to indicator breakout and price reacting on key support level. Risk/reward ratio is beautiful too!
Cheers.
Buy on dips above 3020
Stop Loss: 2960
Take Profit: 3350
Weekly
Price reacted above 2960.
RSI also reacted above support where in the past price has bounced before.
RSI also surpassed descending channel resistance.
Daily
Price and RSI shows a weak bullish divergence
RSI also testing 50% level.
2960.00 is the key support level to hold. It has also been found as a fractal level multiple times.
If market were to break below, we would see a much deeper drop towards the 2522 region.
A drop towards the 2522 region is set to put Singapore's market in a recession.
Overall a good conviction trade due to indicator breakout and price reacting on key support level. Risk/reward ratio is beautiful too!
Cheers.
Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? - Luke 14:28