We take a look at the long term charts again today.
The key here is that since our last analysis in May, Singapore markets have been doing what I have highlighted, which is hanging around and drifting lower.
The 13 week EMA and 43 week EMA are coming together soon. I see either
- a continual consolidation in weekly prices and a break up or a break down after that
- or a sharp draw down starting next week
Both occurrence have a high likelihood to create a death cross with the 2 weekly moving average which will point to long term downside.
Price target then would be 2750 at the 200 EMA representing a 10% draw down from here.
The other possibility is for a break up after the consolidation. Look for prices breaking above the falling peaks (red line) as an indication to go long. This will be a ...
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