The market closed 6.70 points in the green. A plunge from its midday rally of 30.53 points higher after its 17.00 points lower opening. Today's candle is a white candle with the top wick as long as its white portion. This is the reverse of Thursday's white candle which was one with a bottom wick but no top wick.
Considering current market sentiments, this could be the start of a reversal. Parties who have bought at the previous low will take the opportunity to sell. This shall further be fueled by the those who are inclined to take short positions.
I would expect the STI to reverse downwards next week. Even though some stocks remain value buys, the pessimistic market sentiments can be expected to overwhelm the purchasing. Risk-takers can start to take short positions while value investors should continue waiting for a better buy. Adventurous parties can seek for stocks with a negative beta to ride a possible upswing but these cases are rare in our marketplace.
No comments:
Post a Comment