Good day all,
The market has been more volatile over the last week or so of trading. It seems like the correction overdue from the long rally we had this year has arrived. REITS are shedding quite a lot, bringing their yields up. The STI hit a high of 3,464 before losing all YTD gains (as in the last post) to close at 3,133 yesterday. I am still comfortable with the correction – I still see it as a natural downward move after a long uptrend. Of course, if anything develops on the chart into something worse like how the haze situation in our country just seems to keep hitting new highs, then I will have to re-consider mid-term set-ups.
I have a chart of ComfortDelGro for today – C52.SI. Comfort trended higher after defeating long-term resistance at the $1.70 territory – as discussed in this post. For whatever reason there may be out there, Comfort flew all the way to $2.20 before crashing down with the general market. Now, Comfort is hovering just above the strong resistance-turned-support at above $1.70. I do not think Comfort should fall below this strong support. So, I am considering comfort for a mid-term set-up to swing back higher. As the markets continue in choppy waters for now, I will look for counters to load up for on the long side.
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