SG30SGD trade ideas
Singapore Free IndexAs the Indices Team alluded to in the previous report, the Singapore free index has been in a channel since 2009. On monthly candles, it has broken further out of the Keltner Channel on the back of a bullish run since late 2016 showing promising signs for the indices long term growth. This run is fuelled by improved exports in Singapore.
Looking at daily candles, Singapore continued its bullish run pushing against resistance before the market took a hit on the 16th of May due to allegations into the Trump FBI Director saga. As did much of Asia and America, Singapore took a hit falling into support around the 354 price point. As the market looks to recover and Singapore Free pushes back towards resistance, this provides itself as a good time to start restacking a long position.
Singapore 30 Short : Nearing Resistance AreasPrice nearing resistance highs which need to be broken to form the conditions for an up trend to form prior to a higher low.
Ideal Bearish Bat Forming On Singapore 30 CFDAll the elements point to an ideal Bearish Bat forming.
1) 50% retrace of the XA leg at B
2) 1.27AB=CD lines up close to 88.6% retrace level of the XA leg
3) BC leg projection of 2 also lines up close to the 88.6% retrace level of the XA leg
4) Additionally, previous high resistance zone also lines up close to the 88.6% retrace level of the XA leg.
Plan is to look out for signs of price rejection at Point D to short.
