My Charting Blog: It is not meant to be...

My Charting Blog

It is interesting that I start off this Blog when the Singapore Stock Market is heading south. However, this makes it more interesting for me to write on as the market turned volatile. My interest is Technical Analysis, TA for short. I love to look at charts and predicting where they are heading. This blog is or me to record my thoughts on the market. The articles on this blog are based solely on my personal opinion on the charts that I read and readers should not take it as absolute.

10/08/2022

It is not meant to be...

I did an entry in the middle of the week Interesting development in SGD...and I missed the entry point on SGDMYR, I was excited about the possibility of SGD reversal. It would mean a probable relaxing of inflation in the country.

However, I cautioned to suspend my judgement as the week is yet to complete and I promised to follow up on this currency.

Fig 1. SGD weekly Chart

Apparently, it was not meant to be, mostly likely due to the news on OPEC.

SGD completely retraced itself forming a hammer. While the body indicate a lower closing, its closing remained above the previous open. additionally, it floated above the 78.6% retracement resistance at the end of the week.

It maintained a strong indication of an ascension the coming week.

We may end with a much weaker SGD against USD, with resistance between 1.4540 to 1.4752.

Labels: SGD