Dear readers,
The animal spirits seem to have finally descended on our Singapore market! Our STI is one of the best performing indices with a blistering 6.4% year to date return. Our FSTS ST Small Cap Index has returned 3.8% year to date. I have highlighted four charts which (I feel) deserve attention. Do note the caveats below.
Midas
With reference to my write-up on Midas dated 3 Feb 17 (click HERE), Midas’ inverse head and shoulders pattern seems to be confirmed with the decisive upside break above its 200D exponential moving average (“EMA”) and neckline of around $0.230 – 0.240 with volume expansion (See Chart 1 below). With yesterday’s close of $0.255, this was the first time in 16 months which Midas can close higher than its 200D EMA for the 3rd consecutive day. 50D EMA is on the verge of ......